The Indonesia Just Energy Transition Partnership , more than a year in the making, "is probably the single largest climate finance transaction or partnership ever", a U.S. Treasury official told reporters.to help South Africa more quickly decarbonise its power sector that was launched at the COP26 climate summit in Glasgow by the United States, Britain and European Union.
Indonesia has also set a goal to reach net-zero emissions in its power sector by 2050, a decade before its current target in its national climate plan, and to double the pace of renewable energy deployment so that it accounts for at least 34% of all power generation by 2030. 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.
Multilateral development banks and the Climate Investment Funds will account for about a third of the $10 billion in public funding for Indonesia's JETP, CIF head Mafalda Duarte told reporters. CIF has"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.
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