Coordinating Minister Luhut Optimistic to Resolve the Climate Change Crisis

By Pramudita Senin, 09 September 2024 Pengunjung (23) 2 Mins Read

inp.polri.go.id - Jakarta. The impact of climate change urgently needs to be resolved. Overcoming it requires large financial investment, innovative funding mechanisms, and commitment from various stakeholders including the government, private sector, and communities. The Global Blended Finance Alliance (GBFA) can answer that need.

"I truly believe that the Global Blended Finance Alliance (GBFA) initiated by the Government of Indonesia together with eight prospective founding members plays a role as a strategic tool to bridge the financing gap in climate action and achieve the SDGs targets," said the Coordinating Minister for Maritime Affairs and Investment Luhut B. Pandjaitan in the Thematic Session of the Indonesia International Sustainability Forum (ISF) 2024 in Jakarta, on Friday (9/6/2024).

Luhut added that GBFA can answer the real need to move forward in implementing the energy transition, climate action, and achieving the Sustainable Development Goals (SDGs) targets.

This optimism is in line with the declaration of the Global Climate Finance Framework to mobilize climate finance for developing countries at the UN Climate Change Conference or COP28 Dubai last year. The Blended Finance system was approved to open private capital to increase climate action.

"This commitment is in line with the GBFA initiative and we will bring it to COP 29 Baku for further development of concrete projects and attract new potential members," explained Coordinating Minister Luhut.

Coordinating Minister Luhut added that GBFA will also support South-South Collaboration to achieve SDGs and climate transition.

"Collaboration with strategic knowledge partners is very important to support the design of GBFA programs, help mobilize funds, and advance its activities and missions," explained Coordinating Minister Luhut.

Furthermore, in order to realize the role of knowledge partners, Coordinating Minister Luhut also witnessed the signing of a Memorandum of Understanding (MoU) between the Government of Indonesia represented by the Deputy for Coordination of Environmental and Forestry Management of the Coordinating Ministry for Marves, Nani Hendiarti and President of United in Diversity, Tantowi Yahya to mark GBFA's first knowledge partnership. In addition, on September 26, 2024, there will also be a signing of the MoU with other knowledge partners such as the OECD, TBI, Systemiq, UNDP, and WRI in New York during the UN General Assembly (UNGA).

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