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Indonesia Secures Rp300 Trillion in JETP Funding: Where's the Money Coming From?

Adi Ahdiat 08/08/2023 19:48 WIB

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Indonesia's Just Energy Transition Partnership (JETP) financing commitment comes from two sources: the International Partners Group (IPG) and the Glasgow Financial Alliance for Net Zero (GFANZ).

JETP Financing Commitment for Indonesia by Funding Source (2022)

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Indonesia Secures Rp300 Trillion in JETP Funding: Where's the Money Coming From?

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JETP Financing Commitment for Indonesia by Funding Source (2022)

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The Just Energy Transition Partnership (JETP) is a financing cooperation mechanism to drive energy transition in developing countries.

JETP financing is provided by developed countries and international organizations to enable developing countries to accelerate the shift from fossil fuels to renewable energy.

In 2022, Indonesia secured a JETP financing commitment totaling US$20 billion, or approximately Rp300 trillion (assuming an exchange rate of Rp15,000 per US$).

According to the Indonesian Alliance of Independent Journalists (AJI), the JETP commitment for Indonesia comes from two funding sources: the International Partners Group (IPG) and the Glasgow Financial Alliance for Net Zero (GFANZ).

The IPG is an organization comprising governments of developed countries, namely the United States, Japan, the United Kingdom, Canada, Germany, France, Italy, Norway, Denmark, and the European Union. This group has committed US$10 billion.

The remaining US$10 billion comes from GFANZ, an organization comprising international financial institutions, including HSBC, Citibank, Standard Chartered, Bank of America, Deutsche Bank, MUFG, and Macquarie.

According to AJI, JETP financing will be disbursed gradually over a period of 3-5 years after the partnership agreement.

However, this JETP financing is not entirely "free." A portion of the financing is in the form of grants, while the rest is in the form of loans with specific interest rates and conditions.

AJI also stated that, as of mid-2023, there was still a lack of clarity regarding the status of JETP financing for Indonesia.

"As a new funding model, its mechanism (JETP) is still unclear," said AJI in its July 2023 report, *Position Paper on Information Transparency for a Just JETP*.

"This lack of clarity includes the amount of funding in the form of grants, the proportion of loans, and what can be funded. If this process is not transparent and does not sufficiently involve directly impacted people, it is feared that it will become a source of new problems," said AJI.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia Secures Rp300 Trillion in JETP Funding: Where's the Money Coming From?

Indonesia Secures Rp300 Trillion in JETP Funding: Where's the Money Coming From?

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Indonesia Secures Rp300 Trillion in JETP Funding: Where's the Money Coming From?

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