: A coalition of countries will mobilise $20 billion of public and private finance to help Indonesia shut coal power plants and bring forward the sector’s peak emissions date by seven years to 2030, the United States, Japan and partners said on Tuesday.
To access the programme’s $20 billion worth of grants and concessional loans over a three- to five-year period, Indonesia has committed to capping power sector emissions at 290 million tonnes by 2030, with a peak that year. The public and private sectors have pledged about half of the funds each. The plan will eliminate 300 million tonnes of greenhouse gas emissions through 2030 and a reduction of well over 2 billion tonnes through 2060, the partners said in their statement.
“There is a recognition that this is the first move, a first package of support, and that more will be needed,“ Duarte said when asked about the adequacy of the JETP funding. U.S. Treasury and State Department officials said half of the $20 billion would come from the private sector, with seven global banks participating: Bank of America Citigroup Deutsche Bank, HSBC, Standard Chartered, Macquarie and MUFG.
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