https://archive.ph/JwaN6
"SHARM EL SHEIKH, Egypt — Indonesia, one of the world’s largest consumers of
coal, pledged to sharply reduce its reliance on the fossil fuel and speed up
its transition to renewable power as part of a $20 billion climate finance deal
announced on Tuesday with the United States, Japan and other developed
countries.
The deal is the most ambitious effort yet by wealthy countries to persuade a
developing economy to abandon coal, the most polluting of all fossil fuels, in
order to keep global warming in check. It was unveiled at the Group of 20
summit in Bali, Indonesia, following more than a year of negotiations between
leaders. The news received a flurry of attention in Egypt, where diplomats from
nearly 200 countries have gathered since Nov. 6 for a two-week United Nations
climate conference.
The plan roughly follows the contours of an agreement from last year in which
the United States and European countries pledged $8.5 billion in grants and
loans to South Africa in exchange for that country’s commitment to retire coal
plants, shift to renewable energy and retrain workers. Similar arrangements,
known as Just Energy Transition Partnerships, are also being discussed with
Vietnam, Senegal and India.
As part of the deal, Indonesia has pledged to cap carbon dioxide emissions from
its power sector at 290 million tons by 2030, which would require the country
to reach peak emissions seven years earlier than expected and curtail its use
of coal.
Indonesia will also aim to generate 34 percent of its electricity from
renewable sources such as wind and solar power by 2030, up from a current level
of about 11 percent.
In exchange, wealthy countries would provide a mix of loans, grants and private
investments to Indonesia, though the precise mix remains to be worked out.
Roughly $10 billion would come from the governments of the United States,
Japan, Canada and several European countries, including Britain, France and
Germany. Another $10 billion is expected to come from private investors,
including banks like Bank of America and Citibank, according to the U.S. State
Department."
Via
Future Crunch issue 191:
https://futurecrunch.com/
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
