- President Joko Widodo recently passed and ratified a Regulation of the President on Carbon Economic Value ("Regulation of the President") at the ongoing Conference of the Parties (COP 26) to the United Nations Framework Convention on Climate Change meeting. This measure places Indonesia in the vanguard in terms of global, market-based, climate-change mitigation within the context of a sustainable economic recovery.
- The Indonesian Government previously ratified the Paris Agreement in 2016, which committed the country to a Nationally Determined Contribution ("NDC"). This commitment was subsequently affirmed within Indonesia's 2020 - 2024 National Development Plan, which set climate-change mitigation as a national priority.
- Indonesia is continuing with these efforts and has now decided to set a greenhouse-gas emissions reduction target of 29% through its own efforts and 41% with international support by 2030. The two strategic sectors that are being prioritized in relation to these targets are the forestry sector and the energy and transportation sector, which between them will have to take responsibility for 97% of Indonesia's total NDC emissions reduction target. The government aims to achieve the NDC target through a number of policy changes and the stipulation of this new Regulation of the President represents an important milestone in terms of setting Indonesia on the right road towards achieving the NDC 2030 and NZE 2060 targets.
- Meanwhile, the government is also touting green-based industries as the jewel in the crown of future environmentally sustainable investment. In this regard, the electric vehicle industry and renewable energy sources such as solar, geothermal and wind power are set to become a primary economic driving force and will hopefully provide added value to the Indonesian people while being able to absorb highly skilled workers. (KEMENKEU)
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