"We expect innovative approaches to accelerate the transition to sustainability and protect developing countries from the worst impacts of climate change. Shared responsibility must also be accompanied by proportional contributions," BKSAP deputy chair, Ravindra Airlangga, said in a statement from his office on Sunday.
He conveyed this during the Unpacking the Global Climate Finance Architecture: Mobilizing Resources and Streamlining Access to Climate Change session at COP29.
Airlangga stated that this commitment is necessary to expedite the transition to sustainability and protect developing countries from the impacts of climate change.
He then lauded the commitment of climate funding from developed countries under the auspices of the UNFCCC.
Furthermore, he emphasized the need of funding for developing countries as the parties most affected by climate change, although the emission contribution is relatively small.
"As much as 79 percent of global CO2 emissions come from several developed countries where developing countries are the most affected parties by climate change," he remarked.
According to him, based on projections from the Potsdam Institute of Climate Change, losses due to climate change could reach almost half of the world's GDP by 2050.
Therefore, Airlangga stated Indonesia's commitment to reduce emissions.
Based on the Global Climate Atlas, Indonesia contributed 1.7 percent of total global emissions in 2021.
"Through the Nationally Determined Contribution (NDC), Indonesia is committed to reduce emissions by 31.89 percent independently and 43.2 percent with international funding support," he disclosed.
He also highlighted the need for climate funding as a form of mitigation and adaptation.
In the New Collective Quantified Goal initiative, the funding figure is projected to reach US$5.4 trillion per year until 2030, he added.
Lastly, Airlangga touched on the importance of incentives for the public sector to be involved in climate mitigation and the need to develop a global market for Ecosystem as a Service.
Related news: Special Envoy of Indonesia, Hashim Djojohadikusumo Attracts EUR 1,2 Billion of Green Funding in Electricity Sector at COP29
Related news: Indonesia to pursue sub-national climate targets from 2025
Translator: Fianda Sjofjan, Resinta Sulistiyandari
Editor: Arie Novarina
Copyright © ANTARA 2024
