Bali, Nov 15 (TIWN): At the Partnership for Global Infrastructure and Investment (PGII) event at the G20 Summit, President Joko Widodo of Indonesia and leaders of the International Partners Group (IPG) of like minded countries, co-led by the US and Japan, on Tuesday launched a Just Energy Transition Partnership (JETP) developed with Indonesia during its G20 Presidency.

The landmark partnership, comprising Canada, Denmark, the European Union, France, Germany, Italy, Norway, and Britain, pursues an ambitious and just power sector transition in Indonesia, supporting a trajectory consistent with keeping 1.5 degrees Celsius global warming limit within reach.

Indonesia will work, with support from international partners, to develop a comprehensive investment plan to achieve significant new targets and policies to reduce GHG emissions and support impacted communities by: Peaking total power sector emissions by 2030, shifting its projected emissions peak forward; Capping power sector emissions at 290 megatons of CO2 in 2030, down from baseline value of 357 MT CO2; Establishing a goal to reach net zero emissions in the power sector by 2050, bringing forward Indonesia’s net zero power sector emissions target by 10 years; and Accelerating the deployment of renewable energy so that renewable energy generation comprises at least 34 per cent of all power generation by 2030, which would roughly double the total renewables deployment over the course of this decade compared to current plans.

To achieve these targets, this long-term partnership intends to mobilise an initial $20 billion in public and private financing over a three-to-five-year period, using a mix of grants, concessional loans, market rate loans, guarantees, and private investments.