REPUBLIKA.CO.ID, TBILISI -- Finance Minister Sri Mulyani Indrawati says it is necessary to mobilise trillions of US dollars to combat climate change and promote resilient development.
“We must mobilize and direct trillions of US dollars to combat climate change and promote resilient development,” Sri Mulyani told the Asian Development Bank's (ADB) Board of Governors Business Session in Tbilisi, Georgia on Sunday (5/5/2024).
The business session is part of the series of activities of the 57th Annual Meeting of ADB held on May 2-5, 2024. On that occasion, the Minister expressed appreciation to ADB for its continued support to Indonesia through partnerships in various fields of development.
According to him, ADB continues to work on addressing the issues of climate change, health, gender equality, education, and food security.
He further said the ASEAN region is still a bright spot for the world economy, mainly driven by domestic demand, as well as moderate inflation. The fiscal position is also relatively cautious, especially for Indonesia which is undergoing post-expansion fiscal consolidation during the pandemic.
But regardless, ASEAN and the world face not only economic challenges, but also climate change challenges. To overcome these challenges, large financial investments and effective operations are required.
“Climate change is our shared responsibility. That's why ADB must work with governments, the private sector, philanthropists, and other financial sources to create the most effective blended finance,” he said.
The Minister also supports reforming the ADB to make it a bigger, better, and more effective multilateral development bank. Greater means having more financial capabilities through balanced optimization.
The ADB has increased its commitment to provide $100 billion in climate finance for its member developing countries for the period 2019-2030. Such climate finance is expected to converge with quality and effective climate projects.
“The issue now is more about the preparation of quality and effective projects,” the Minister said.
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