Jakarta. President Joko “Jokowi” Widodo recently told the COP28 forum that Indonesia would need over $1 trillion to meet its net zero emission target while reiterating his calls for climate financing to help developing nations shift to renewables.

Speaking at the UN climate summit in Dubai, Jokowi said that Indonesia had made it clear that it would pursue a “resilient, prosperous, sustainable, and inclusive economy”. As expected, Jokowi brought up how Indonesia --as well as developing economies-- should have access to financing to fund their energy transition.

“All these efforts need substantial financing. It would be impossible for developing countries to do it alone. Indonesia needs investments worth over $1 trillion to reach net zero emission by 2060,” Jokowi said. 

He called on world leaders, private sector, and philanthropic bodies to partner with Indonesia. 

“Multilateral development banks must ramp up their energy transition financing with low interests. The only way we can meet the Paris Agreement [limit] and the net zero emission is by addressing this problem of financing. That is how we can address the world’s problems,” Jokowi said.

According to Jokowi, efforts are underway in Indonesia to cut its emissions. Indonesia is now home to Southeast Asia’s largest floating solar plant. Emirati renewable energy giant Masdar took part in building the 145-megawatt (Mwac) (192 megawatt-peak) floating solar plant which lies in a 250-hectare plot of the Cirata reservoir, West Java. 

Indonesia’s emission reduction in 2020-2022 stood at 42 percent, versus the business-as-usual scenario in 2015. The archipelagic country’s deforestation rate is also at its lowest in 20 years. Indonesia has set a goal to reach net zero emissions by 2060 at the latest.

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