UK Supports Indonesia Just Energy Transition Partnership

Jakarta: British Prime Minister Rishi Sunak joined other world leaders at the G20 today to
launch the Indonesia Just Energy Transition Partnership (JETP) at the Partnership for Global
Infrastructure and Investment (PGII) side event.
 
This country-led partnership will help Indonesia pursue an accelerated just energy transition away from fossil fuels and towards renewable sources. The JETP includes an ambitious pathway to reduce power sector emissions, a strategy based on the expansion of renewable energy, and the phase down of coal. This transition will not only deliver enhanced climate action, but will help support economic growth, new skilled jobs, reduced pollution, and a resilient, prosperous future for Indonesians.
 
The agreement focuses on achieving this transition in a way that considers all workers,
communities and societal groups affected directly or indirectly by an energy transition away
from coal, and helps to ensure that they are supported through concrete commitments.

"The global infrastructure gap is huge, and no single country can fix it on its own. That’s why we created the Partnership for Global Infrastructure Investment under the UK’s G7 Presidency last year. Today I am proud that we’re launching the Indonesian Just Energy Transition Partnership, to help accelerate Indonesia’s transition to a green economy and unlock billions in private finance for new infrastructure," Sunak said in a media release on Tuesday.
 
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 (UK), the United States (US), and the European Union (EU) announced a ground-breaking longterm $8.5bn JETP, setting a new precedent in the global just energy transition.
 
Indonesia is the second country to launch a JETP. Among the world’s ten largest greenhouse
gas emitters, Indonesia is now accelerating its transition to clean energy through the JETP’s strengthened commitments to maximise the use of abundant renewable energy resources
and a strong political commitment to phase down coal-fired power in the medium-term.
 
In support of these commitments and actions, the Indonesia JETP will mobilise $20 billion
over the next three to five years. $10 billion of public money will be mobilised by the IPG
members and at least $10bn of private finance will be mobilised and facilitated by the
Glasgow Financial Alliance for Net Zero (GFANZ) Working Group.
 
The UK has been an instrumental member of the IPG helping to agree this ambitious new JETP with Indonesia. The UK stands ready to support delivery of the partnership, including through a $1 billion World Bank guarantee. This facility will allow the Government of Indonesia to extend their borrowing on affordable World Bank terms by up to $1 billion.
 
The partnership will be a long-term political agreement between the Indonesian government
and an IPG comprising the US and Japan as joint leads, along with the UK, Germany, France, the EU, Canada, Italy, Norway, and Denmark.

 
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