During a thematic session of the 2024 Indonesia International Sustainability Forum (ISF) here on Friday, Minister Pandjaitan affirmed that GBFA can support the implementation of energy transition, climate action, and the Sustainable Development Goals (SDGs) target achievements.
"I truly believe that the Global Blended Finance Alliance, initiated by the Indonesian government with eight prospective founding members, can serve as a strategic tool to bridge the financing gap in climate action and the SDG targets," he remarked.
He explained that the alliance envisioned becoming an international organization to help developing countries build financing platforms for climate actions and SDG programs so as to draw financing from potential investors.
Pandjaitan stated that the establishment of GBFA is in line with the optimism shown in the declaration of the Global Climate Finance Framework at the UN Climate Change Conference, or COP-28, in Dubai last year.
The framework declaration also agreed to open private funding resources to support climate actions.
"This commitment aligns with the GBFA initiative, and we will carry it to COP-29 in Baku (Azerbaijan) for more concrete projects and attract new potential members," Pandjaitan elaborated.
Earlier, Mari Elka Pangestu, Presidential Special Envoy for Climate Finance, stated that the blended finance scheme can assist developing countries to realize energy transition, so that they can achieve the zero carbon emission global target.
Pangestu highlighted that the scheme could help developing countries that face a US$1-3 trillion gap in energy transition.
"So far, we have only collected US$100 billion, which was promised by developed countries in 2015, and this was just fulfilled in 2022," she remarked.
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Translator: Ahmad F, Kenzu
Editor: Azis Kurmala
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