The Indonesian Chamber of Commerce and Industry (Kadin) held a Post COP 28 Discussion Forum on 15 December 2023 at Menara Kadin Indonesia. After the COP 28 Climate Change Summit was held on 30 November 2023 - 12 December 2023, Kadin Indonesia conducted a follow-up of the agreed commitments. COP 28 is a high-level conference that produces agreements in an effort to reduce greenhouse gas emissions.

There are at least four Pillars of the Presidency's Action Agenda in COP 28. Among them are accelerating the energy transition, improving climate finance, focusing on people, lives and livelihoods, and supporting all activities with full inclusiveness. As one of Indonesia's representatives to COP 28, Kadin Indonesia is also part of the promotional efforts and welcomes the financing commitments with a total value of US$83.76 billion or equivalent to Rp1.3 quadrillion.

Shinta W. Kamdani, Vice Chairman of Kadin Indonesia for Maritime, Investment, and Foreign Affairs, believes that existing financing can have a significant impact on accelerating the handling of climate change. "Surely this can be an opportunity for the business sector through increased green investment. The climate finance financing programme includes supporting climate change mitigation and adaptation to the renewable energy development sector, as well as special funding to assist developing countries in reducing greenhouse gas emissions, and increasing resilience to climate change," she said (15/12/2023).

The funding assistance disbursed is divided into three sectors, namely renewable energy financing of US$5 billion, the food sector of US$3.1 billion, and US$2.7 billion for the health sector, as well as the rest for other sectors.

"Support for reducing carbon emissions in the NDC Framework has been increased by Indonesia in 2022. However, Indonesia is currently preparing its Second NDC for a more ambitious emissions reduction target to be delivered by 2025. This will create opportunities for additional renewable energy capacity in order to reduce emissions and increase investment that supports the energy transition," he explained further.

The United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2023 reveals that most investment in renewable energy flows to developed countries, about three-quarters of all international investment financing in renewable energy in 2022 flows to Europe. Meanwhile, developing countries have only created a 1% increase in renewable energy projects each year since 2015.

The Deputy for Coordination of Infrastructure and Transportation at the Coordinating Ministry for Maritime Affairs and Investment, Rachmat Kaimuddin, also said that Indonesia is ready to collaborate with various parties to achieve the Net Zero Emission 2060 target.
achieve the Net Zero Emission 2060 target, especially through climate finance that does not burden the interests of developing countries.

"The government is always open to building dialogue and collaboration with policy makers between developed and developing countries. One of the keys to the success of Indonesia's emission target is the availability of climate finance that is based on the principle of justice, and supports Indonesia's need to continue to grow resilient," Mr Rachmat said.

Furthermore, the United Nations Framework Convention on Climate Change (UNFCCC) 2023 revealed that developing countries need at least US$6 trillion of renewable energy investment by 2030 to fulfil less than half of the NDC.

Chairman of Kadin Net Zero Hub, Dharsono Hartono, said that the costs required to achieve a green energy transition are indeed large. "Our task now is to follow-up with the commitment of funds that will be disbursed for the benefit of a better Indonesia in the future," he added.

The state and industry have a key role to play in achieving a sustainable future. Therefore, collaborative work is needed, in order to create a better environmental legacy for future generations.

COP 28 in Dubai was attended by more than 70,000 participants from around the world, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and civil society.