Finance Minister Unveils Follow-Up Actions on Indonesian G20 Presidency’s Three Priority Agendas

Finance Minister Sri Mulyani and Foreign Minister Retno Marsudi deliver a press statement following a limited meeting on the G20 Summit evaluation in Jakarta, Monday (11/28). (Photo by: PR/Agung)

Minister of Finance Sri Mulyani Indrawati has unveiled the Government’s follow-up measures on the agreement on three priority agendas of the Indonesian G20 Presidency, namely sustainable energy transition, digital transformation, and global health architecture.

First, on sustainable energy transition, the Indonesia Just Energy Transition Partnership (JETP), which will mobilize US$20 billion, was launched at the G20 Summit.

According to Sri Mulyani, the initiative will be followed up with Energy Transition Mechanism (ETM) Country Platform that has earned a commitment of US$500 million. The fund will mobilize more than US$4 billion of financing to accelerate the early retirement of fossil fuel power plants.

“PLN (state-owned electricity company) will follow this up as it relates to the transition of non-renewable to renewable energy. We will discuss it with many IPP (independent power plants) that has been working in cooperation with the PLN and [discuss about] energy transition that needs to be supported with policies, including incentives, be it tax or non-tax,” Sri Mulyani said after attending a limited meeting on the G20 Summit Evaluation led by President Joko “Jokowi” Widodo in Jakarta, Monday (11/28).

Second, on global health architecture, the G20 leaders at the G20 Summit have agreed to launch the US$1.5 billion pandemic fund.

Sri Mulyani stated that this agreement is set to be followed up by Minister of Health by submitting a proposal for the use of the fund not only for Indonesia but also for international cooperation.

“These measures will be taken in the upcoming months, so we can reap the benefits from cooperation and funding,” she said.

Third, on digital transformation, Sri Mulyani stated that the Government continues to promote digital-based financial inclusion.

“A [regional] payment system through the cooperation between ASEAN countries and digital currency from the central bank have been launched, as Governor of [central bank] Bank Indonesia has stated. We will also continue to promote financial inclusion and it is essential, especially for financial institutions, including bank and non-bank with a digital basis,” she remarked. (MAY/UN) (DH/LW)