Indonesia initiated the G20 Bali Global Blended Finance Alliance (GBFA), as recognized in G20 Bali Leaders’ Declaration 2022, as a platform that will provide support/facilitation for countries in pipeline creation of bankable projects and blended financing.
In the 10th World Water Forum 2024, 9 (nine) prospective founding members (PFMs); Indonesia, France, Canada, Luxembourg, United Arab Emirates, Kenya, Fiji, Sri Lanka, and Democratic Republic of Congo have signed the Letter of Intent of the Establishment of G20 Bali GBFA, as an initial phase of developing GBFA as an international organization which aims to address the gap of climate finance, especially through South-South Collaboration.
As GBFA is envisioned to become an international organization, the nine PFMs are expected to begin the negotiation of the Articles of Agreement (AoA) as the Charter for the GBFA. The Governments of Democratic Republic of Congo, Fiji, Republic of Indonesia, Kenya, Luxembourg, Sri Lanka, and United Arab Emirates have held discussions and reached the consensus of the Articles of Agreement (or the AoA) of GBFA establishment as international organization. These countries are committed for completing their respective internal processes and agreed to sign the AoA in October and during COP29 Azerbaijan.
International bodies like the Financial Stability Board and the International Sustainability Standards Board have introduced frameworks for climate-related financial disclosures and sustainability reporting. In Indonesia, the Institute of Accountants has established a council to prepare for the adoption of these standards. Additionally, Bank Indonesia, in collaboration with the Coordinating Ministry for Maritime Affairs and Investment, has developed a free guidebook and application to help companies calculate their carbon emissions, namely Kalkulator Hijau (Green Calculator), enabling them to align with sustainability standards and attract investments for a green economy.
The Green Calculator application, developed collaboratively by Bank Indonesia and the Coordinating Ministry for Maritime Affairs and Investment, aims to assist companies in calculating their carbon emissions. This tool is crucial for promoting sustainability practices and aligning with global standards, particularly in light of Indonesia’s commitments to the Paris Agreement and the need for sustainable economic development.
The key objectives of this session are to:
The session aims to deliver actionable insights and recommendations on how to leverage blended finance and innovative financial tools to foster climate action and sustainable economic growth
This session is aimed at:
Multilateral organizations such as the United Nations Framework Convention on Climate Change (UNFCCC), the World Bank, and the Green Climate Fund (GCF).
The session will consist of talk show, signing ceremony and launching. The talk show will run with and without presentation, discussion Q&A and recommendation
Indonesia Presidential Special Envoy for Energy and Environment
Indonesia Presidential Special Envoy for International Trade and Multilateral Cooperation
Secretary-General, International Chamber of Commerce
President and CEO, Bezos Earth Fund
Director of Finance of PT PLN (Persero)
Director of Environment of Organisation for Economic Co-operation and Development (OECD)
Director, Department of Strategy, Policy, and Innovation, Green Climate Fund
Partner and Director of Global Blended Finance Taskforce at SYSTEMIQ