LinkedIn news: Indonesian President Joko Widodo and US President Joe Biden have announced a US$20 billion climate finance deal to help Indonesia transition from coal power.
This is “probably the single largest climate finance transaction” in history, according to US officials. Under the agreement, Southeast Asia’s largest economy is committing to limit its power sector emissions at 290 million tonnes by 2030.
It is also setting a goal to achieve net-zero emissions in the power sector by 2050 and step up its use of renewable energy.
The US$20 billion is to be split between government funding from nations such as the US and Japan, as well as private financing.