3rd Stakeholder Consultation
3rd Stakeholder Consultation: Energy, Sustainability, and Climate Task Force B20 Focus to Accelerate Financing Access for Energy Transition
JAKARTA - The 3rd Stakeholder Consultation of Energy, Sustainability, & Climate Task Force B20, held in Jakarta on Friday (18/3/2022), focused on increasing financial support to accelerate the energy transition.
The 3rd Stakeholder Consultation intended to obtain input from stakeholders so that the policy recommendations could represent the views of business actors/financial sector institutions. Stakeholders are expected to provide input on priority issues brought by the Energy, Sustainability, & Climate Task Force B20.
Chair of Energy, Sustainability, & Climate Task Force B20, Nicke Widyawati, said the discussion topic at the 3rd Stakeholder Consultation focused on financing aspects, primarily predicting the availability of large-scale financing for energy transition investments.
“Frank and engaging exchange of views during this stakeholder consultation session that will enrich the process of shaping the taskforce’s recommendations to the G20,” said Nicke to the participants of 3rd Stakeholder Consultation, Energy, Sustainability, & Climate Task Force B20.
According to Nicke, the main issues discussed in the 3rd Stakeholder Consultation include enhancing financial access for investment climate and decarbonization projects in developing economies. In addition, the Energy Task Force also discussed global cooperation for the carbon market and the channeling funding to finance the energy transition, as well as sustainability reporting standards and globally recognized taxonomy.
Nicke added that globally, the energy sector is a sector that has the most critical challenges for the transition to sustainable energy to reduce carbon emissions that cause greenhouse gases.
“The conditions in Indonesia are slightly different, as the carbon emissions contribution from energy is in the range of 20% - 36%, compared to Deforestation, which is 44% - 62%. However, this cannot be an excuse for industry players, especially in the energy sector, not to take part in reducing greenhouse gas emissions,” said Nicke.
Referring to the IPCC estimation, Nicke said the current global average temperature rise was already close to the consensus threshold of 1.5 degrees Celsius.
“There is very little time, if any, left to take drastic action to accelerate peak emissions and the transition to net zero, which is currently lagging significantly,” added Nicke.
As Chair of Task Force Energy, Sustainability, & Climate B20, Nicke put forward three recommendations that must be a shared focus to suppress the acceleration of the current rate of global warming.
First, accelerate the transition to sustainable energy use by increasing global cooperation to accelerate the transition to sustainable energy use through efforts to reduce carbon intensity in energy use.
Second, ensure a just and affordable transition by enhancing global cooperation on ensuring a just, orderly, and affordable transition to sustainable energy use across developed and developing countries.
Third, global cooperation enhances energy security by enhancing global cooperation to improve energy security at the consumer level by providing access to and the ability to consume clean and modern energy.
Nicke revealed that the formulation of this Policy Recommendation involved several parties in the Energy, Sustainability, & Climate Task Force B20, including the Co-Chair of the G20 business actors and more than 140 Members who provided input in line with the Policy Recommendations and priority issues.
“The most important thing in formulating this recommendation is alignment with stakeholders so that the issues we bring in the task force can be in line with the direction of Indonesia’s policies in the G20,” concluded Nicke.
On the same occasion, the Deputy for Coordination of International Cooperation, Dr Rizal Affandi Lukman, said that this ongoing Stakeholder Consultation is very important to gather relevant information ideas and insights from various relevant stakeholders.
“From the beginning, the ESC Task Force was the most popular in Indonesia’s B20 presidency. This is a strong signal that energy, sustainability, and climate issues are relevant for many parties today,” said Rizal.
Through these discussions, he encouraged that the results might be taken into action.
“Let’s be more open and critical because our involvement is essential as a valuable information source. In the future, of course, we will establish strong collaborations and partnerships in producing good policy recommendations for all,” he said. •PTM
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