A coalition of countries will mobilise $20 billion of public and private finance to help Indonesia shut coal power plants and bring forward the sector's peak emissions date by seven years to 2030, the United States, Japan and partners announced on Tuesday.
The Indonesia Just Energy Transition Partnership , more than a year in the making, "is probably the single largest climate finance transaction or partnership ever", a U.S. Treasury official told reporters.to help South Africa more quickly decarbonise its power sector that was launched at COP26 in Glasgow by the United States, Britain and European Union.
Indonesia also has set a goal to reach net-zero emissions in its power sector by 2050, a full decade before its current target set in its national climate plan, and to double the pace of renewable energy deployment so that it accounts for at least 34% of all power generation by 2030. The plan will eliminate 300 million tons of greenhouse gas emissions through 2030 and a reduction of well over 2 billion tonnes through 2060, the partners said in their statement.
"This partnership will generate valuable lessons for the global community and can be replicated in other countries to help meet our shared climate goals," he added.The United States and Japan are co-leading the effort with Indonesia on behalf of the other G7 democracies Britain, Canada, France, Germany Italy, as well as partners Norway, Denmark and the European Union.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Watchdog asks U.S. election regulator to probe $20 million Trump transferA watchdog group on Monday asked the U.S. Federal Election Commission to probe a $20 million transfer between two groups tied to former President Donald Trump, alleging the money was illegally sponsoring Trump's aim to return to the White House. Trump has repeatedly hinted that he plans to run for president again in 2024 and has invited media to his Florida estate on Tuesday for what he says will be a 'major announcement.' Since leaving office in 2021, the former president has aggressively raised money for his Save America group.
Read more »
Mexico vows to double renewable energy capacity by 2030Mexico has pledged to deploy a further 30 gigawatts in renewable energy capacity by 2030, the nation's Foreign Ministry said in a statement on Monday, as America's third-biggest greenhouse gas emitter works with the United States to meet new climate goals.
Read more »
Can Sixers sway Philly’s Chinese leaders to accept 2030 arena?Owners and developers of the proposed new Sixers arena have been meeting with leaders who claim stakes in nearby Chinatown. The meetings have been getting larger. Is the strategy winning converts?
Read more »
Japan, Indonesia collaborate as part of Asia-wide emissions cutsJapan will help to fund Indonesia's transition from coal-fired power to cleaner energy, the countries said on Monday, and invited others to join the collaboration, as part of Japan's effort to reduce planet-warming emissions throughout Asia.
Read more »
Odell Beckham Jr. sues Nike for breach of contract in endorsement deal spatFree agent wide receiver Odell Beckham Jr. filed a lawsuit against sportswear giant Nike on Monday, alleging breach of contract and seeking more than $20 million in damages.
Read more »