NUSA DUA - A coalition of countries will mobilise US$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 US, Japan and partners said on Tuesday .
To access the programme's US$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.
"Indonesia is committed to using our energy transition to achieve a green economy and drive sustainable development," President Joko Widodo said in a statement.The US and Japan are co-leading the effort with Indonesia on behalf of the other G7 democracies Britain, Canada, France, Germany, Italy, as well as partners Norway, Denmark and the European Union.
US Treasury and State Department officials said half of the US$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.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US, Japan and partners mobilise $27 billion to move Indonesia away from coal powerIndonesia is committed to achieving a green economy and driving sustainable development, says its president. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »