Launched at the sidelines of the G20 summit in Indonesia, which is being held in parallel to the COP27 UN Climate Summit in Egypt, the package includes $10 billion in public funding and a further $10 billion from the private sector, The White House said on Tuesday.
“Today, G20 leaders highlighted the importance of investing together and investing stronger to fill the enormous need for better infrastructure in low- and middle-income countries around the world, and we welcome all who share this vision to join our efforts,” US President Joe Biden said in the statement.
As part of the agreement, Indonesia committed to cap power sector emissions at 290 megatons of CO₂ annually by 2030, and to generate about a third of its power from renewable sources by 2030.
Another $580bn needed
Indonesia, South-east Asia’s largest economy and home to the world’s third-largest rainforest, is one of the biggest carbon emitters globally.
It…
