Indonesia's US$20 billion coal phase-out pact hit by US pull-out

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Eco-Business 2d ago

Indonesia's US$20 billion coal phase-out pact hit by US pull-out - Eco-Business

Quick Summary:

The country's Just Energy Transition Partnership or JETP secretariat confirmed the world's largest historical climate polluter's exit from the deal, but said other funding partners will continue to support the pact.

The fund, signed off at the COP29 summit in Baku, Azerbaijan last year, provides assistance to nations most severely impacted by the effects of climate change.

This includes a US$1-billion guarantee to the World Bank for Indonesia to borrow for energy transition projects and a US$1-billion investment made by the US International Development Finance Corporation (DFC).