Remarks of President of the Republic of Indonesia During the COP28 Summit, in Dubai, the United Arab Emirates, December 1, 2023
Your Highness Sheikh Mohammed bin Zayed Al Nahyan;
Indonesia is committed to building a resilient, prosperous, sustainable, and inclusive economy. We aim to work diligently towards achieving net zero emissions by 2060 or sooner, all while fostering strong economic growth, significantly reducing poverty and inequality, and continuously creating job opportunities. I am confident that many developing countries share the same position as Indonesia. However, the countries cannot work alone to execute this agenda. It requires collaborative and inclusive cooperation in the form of tangible actions that yield concrete results. This is what we must strive to achieve at COP28.
Despite various limitations, Indonesia remains committed to reducing carbon emissions. From 2020 to 2022, we have achieved a notable 42 percent reduction compared to the business-as-usual projections from 2015. Additionally, we are actively working on enhancing forest and other land use (FOLU) management, while also accelerating the transition to new, renewable energy sources.
Regarding FOLU management, Indonesia is actively preserving and expanding mangrove forests and rehabilitating forests and land. Indonesia has also achieved a notable reduction in deforestation rates, reaching the lowest point in the last 20 years. We are also developing large-scale nurseries with a total capacity of around 75 million seeds per year, and the production is starting to yield positive results.
In our approach to energy transition, we make the Indonesian way for a just transition by 2030. This involves expediting the development of new renewable energy sources while minimizing the reliance on coal. The expansion of new renewable energy, including solar, hydro, wind, geothermal, and ocean current energy, along with the growth of biodiesel, bioethanol, and bioavtur, is gaining momentum. Recently, I inaugurated the Cirata Floating Solar Power Plant, the largest in Southeast Asia, generating 192 MWp through a collaboration between Indonesia and the United Arab Emirates.
All these endeavors demand significant efforts, and developing countries cannot undertake them in isolation. Indonesia requires an investment of over US$1 trillion to achieve net zero emissions by 2060. We earnestly invite collaboration from bilateral partners, private investments, philanthropic support, and assistance from friendly nations. Moreover, we have established a credible and innovative financing platform, encompassing a carbon exchange, energy transition mechanism, sukuk and green bonds, and environmental fund management derived from result-based payments. It is imperative for world development banks and multilateral development banks to enhance their capacity to finance the energy transition at low interest rates. The attainment of the Paris Agreement targets and net zero emissions is contingent on addressing the funding challenges associated with the energy transition. This is where global issues find their solutions.
I thank you.