GBFA is an international platform led by Indonesia to bridge the financing gap to achieve the Sustainable Development Goals (SDGs) and climate action.
"We are grateful for Kenya's participation in GBFA. This decision reflects their trust in this platform as an important means for developing countries to mobilize much-needed funds for SDGs and climate action," the minister said.
Kenya's participation was also mentioned in the GBFA Articles of Agreement (AoA) after the UNDP, Tony Blair Institute for Global Change (TBI), and United in Diversity joined GBFA as knowledge partners.
Pandjaitan said that the signing of the agreement was aimed at strengthening the alliance's operational capacity at the global level, especially in the Global South, to enable the platform to achieve its strategic objectives more effectively.
The Coordinating Ministry for Maritime Affairs and Investment initiated the establishment of the GBFA platform during Indonesia's G20 Presidency in 2022, along with the Ministry of Finance and the Ministry of Foreign Affairs.
Despite the global commitment of US$100 billion in financing to developing countries by 2022, climate finance still falls far short of real needs.
Developing countries face an annual financial gap of US$3 trillion for climate action and SDGs.
This funding gap requires increased investment, the implementation of innovative financing mechanisms, as well as commitments from governments and the private sector.
GBFA was formed in response to the urgent need for a financing platform led by Global South countries related to implementing the SDGs and climate action.
"GBFA is unique because it supports its members in developing national platforms that provide a structure for development projects related to the SDGs and climate action, making them attractive to investors," Pandjaitan said.
Meanwhile, Kenyan Minister of Mines and Blue Economy Hassan Ali Joho stated that although Kenya was unable to sign the AoA on Thursday, his country remains committed to joining the GBFA.
He emphasized that blended financing is key for developing countries.
Deputy for coordination of environment and forestry management at the Coordinating Ministry for Maritime Affairs and Investment, Nani Hendiarti, emphasized the importance of global cooperation to ensure that the GBFA has a positive impact.
"The GBFA is not just a dollar investment, but also a step toward a brighter and better world. We invite other countries as well to support this effort because future generations will remember the leaders who stood firm in these important momentum," she said.
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Translator: Sinta Ambarwati, Yashinta Difa
Editor: Tia Mutiasari
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