The Indonesia Just Energy Transition Partnership (JETP) will channel $20bn into clean energy over the next five years – as national energy company Pertamina forges new partnerships with major firms to target the development of hydrogen.
The JETP model was pioneered at the COP26 Summit in Glasgow last year, where South Africa and an International Partners Group (IPG) of France, Germany, the United Kingdom, the United States of America, and the European Union announced a long-term $8.5bn JETP.
Indonesia is the second country to launch a JETP. Among the world’s 10 largest greenhouse gas emitters, Indonesia – aiming to be Net Zero by 2060 – is now accelerating its transition to clean energy through the JETP’s strengthened commitments to maximise the use of abundant renewable energy and political commitment to phase down coal-fired power in the medium-term.
Half of the funding will be public money mobilised by International Partners Group (IPG) members and at least $10bn of private finance will be facilitated by the Glasgow Financial Alliance for Net Zero (GFANZ) Working Group.
... to continue reading you must be subscribed
