Jakarta (ANTARA) - Indonesia's Minister of Environment and Forestry (LHK) Siti Nurbaya Bakar stated that her ministry (KLHK) was considering other schemes to involve business actors in supporting funding for reducing greenhouse gas emissions and achieving the country's climate targets.

After opening the Result Based Contribution Workshop on Indonesia's FOLU Net Sink 2030, here on Thursday, she highlighted that Indonesia received support from several international partners, including collaboration with Norway in the Result Based Contribution (RBC) scheme.

"Carbon business is not just about carbon trading. The carbon business can also raise the reputation of a company and increase its share values," she stated.

She remarked that companies looking to improve their reputation can be involved in the efforts to reduce emissions with the results contributed as an effort to achieve climate targets.

"Mr. President has said that many people want to be involved in the carbon economy and the most important thing about this incentive is the implementation design and practice. It is not easy to prepare it," she stated.

The ministry had earlier received performance-based funding of US$56 million from bilateral cooperation with Norway for emission reductions in October 2022.

A payment of US$100 million was also made by Norway in December 2023.

The third payment of US$156 million was completed last January. The fourth funding process is still pending and is expected to be completed this year.

Meanwhile, there is also funding of US$103.8 million from the Green Climate Fund to reduce emissions of 20.3 million tons of carbon dioxide equivalent (CO2e) for the 2014-2016 period.

Moreover, funding from the JAMBI BioCarbon Fund for emission reductions for the 2020-2025 period is still in the negotiation stage and funding of US$110 million from the Kaltim FCPF Carbon Fund for reducing 22 million tons of CO2e in the 2019-2024 period.

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Translator: Prisca Triferna Violleta, Katriana
Editor: Rahmad Nasution
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