MOSCOW (MRC) -- A coalition of countries will mobilize USD20 B 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, as per Reuters.
The Indonesia Just Energy Transition Partnership (JETP), 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.
The Indonesia JETP is based on last year's $8.5 B initiative to help South Africa more quickly decarbonize its power sector that was launched at the COP26 climate summit in Glasgow by the United States, Britain and European Union.
To access the program's USD20 billion worth of grants and concessional loans over a three- to five-year period, Indonesia has committed to capping power sector emissions at 290 MMt by 2030, with a peak that year. The public and private sectors have pledged about half of the funds each.
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.
"We've built a platform for cooperation that can truly transform Indonesia's power sector from coal to renewables and support significant economic growth," U.S. Special Envoy on Climate Change John Kerry said.
We remind, Japan's chemical exports rose by 4.8% year on year to Yen (Y) 957.3bn in September, supporting the overall rise in shipments abroad. Exports of organic chemicals fell by 1.7% year on year to Y170.9bn in September while shipments of plastic materials were up by 0.3% at Y251.7bn. On a volume basis, exports of plastic materials fell by 18% year on year to 412,012 tonnes in September.