A statement from the president's secretariat in Jakarta said that the inaugural AZEC Summit took place at the office of the Japanese Prime Minister.
"Each country has its own unique and distinctive energy transition strategy according to its national conditions. For instance, Indonesia is implementing a strategy called the Indonesian Way of Just Energy Transition by developing new and renewable energy and promoting decarbonization," Jokowi remarked.
He noted that Indonesia, as the world's third-largest tropical forest country, had taken various measures for overcoming climate change, such as suppressing deforestation and forest degradation while leveraging mangroves as carbon sinks.
"I hope that the AZEC will prioritize forging cooperation in decarbonization through inclusive financing to support CCS (carbon capture storage) and CCUS (carbon capture utilization and storage) projects," Jokowi stated.
In his speech, he also highlighted the importance of innovative financing schemes to support the energy transition.
He said the Association of Southeast Asian Nations (ASEAN) estimates needing US$29.4 trillion for a successful energy transition by 2050.
He expressed belief that sustainable financing could support the implementation of energy transitions that, in turn, would stimulate economic growth and provide benefits to people.
Furthermore, he emphasized that Indonesia has devised various credible innovative financing schemes, such as mechanisms like energy transition financing, green bonds, green Islamic bonds, and the Indonesia Carbon Exchange (IDXCarbon).
Jokowi affirmed that synergy among the government, private actors, and banks is key to providing sufficient funds for projects prioritizing carbon reduction and accelerating the energy transition.
"Muara Laboh's geothermal plant, Legok Nangka's waste-to-energy project, and peatland management in Central Kalimantan, are instances of Indonesia's priority projects," he highlighted.
Jokowi expressed hope that by taking the workable measures outlined, the AZEC would be able to emerge as a platform that brings together countries to collaborate and play a concrete role in reducing emissions.
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Translator: Rangga P, Tegar Nurfitra
Editor: Anton Santoso
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