World Bank commited to backing Indonesia on climate

0 CommentsPrint E-mail Xinhua, May 3, 2011
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The World Bank has been committed to supporting Indonesia's climate change agenda as the country's success will inspire other countries to follow, a press statement said on Monday.

"On both the regional and global stage, Indonesia is increasingly becoming a key player in the pursuit of environmentally sustainable development. Its target to reduce carbon development by up to 41 percent with 7 percent economic growth and its membership in the G-20 and UNFCCC are all indicative of the fact that emerging economies like Indonesia are leading the charge in green growth," said the World Bank Special Envoy for Climate Change Andrew Steer.

"The World Bank is deeply committed to supporting the country' s development in a changing climate. The world is watching Indonesia, and if it succeeds, many other countries will follow," he added.

Steer highlighted the critical role of financing in helping the governments of developing countries cope with climate change.

In Indonesia, the World Bank is providing support on a variety of fronts.

It will deliver climate finance through the Ministries of Forestry, Finance, Energy, National Council on Climate Change and others. It will also provide analysis in areas which include low carbon planning and policy, geothermal, REDD readiness and implementation, urban issues, resilience and disasters. "The World Bank will make a building capacity for market instruments through the Partnership for Market Readiness valued at 100 million U.S. dollar, to which Indonesia is one of 20 country recipients of the grant facility," the statement said.

The institution will also participate in many environmental programs, including the Mayors' Task Force on Climate Change (of which Jakarta is a member), a 400 million dollar-investment for geothermal energy, a 800 million dollar- development policy loan on climate change, and a 70 million dollar- Forest Investment Program (with ADB and IFC).

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