US and Indonesia are going to announce a climate finance deal that will provide USD 20 billion to help Indonesia make a switch from coal power. The deal, which is brokered between the US, Japan and Indonesia will be outlined on Tuesday (November 15) on the sidelines of G20 summit in Bali, Indonesia. The deal has culminated after years of talks. It is being touted as the single largest climate finance transaction ever.

According to the deal, Indonesia will commit to a cap of carbon dioxide release from it electricity sector at 290 megatons by 2030. Indonesia will also commit to reaching net-zero emission in the power sector by 2050. By end of this decade, Indonesia will also deploy renewable energy in order that it comprises 34 per cent of all power generation.

“Together, we hope to mobilize more than $20 billion to support Indonesia’s efforts to reduce emissions and expand renewable energy and support workers most affected by the transition away from coal,” said US President Joe Biden at an event with European Commission President Ursula Von Der Leyen and Indonesian President Joko Widodo. He was quoted by Bloomberg.

As Indonesia makes the switch to renewable energy. More than 10 gigawatts of localised power systems in Indonesia have been planned to be redirected to renewables instead of coal.

This effort “can truly transform Indonesia’s power sector from coal to renewables and support significant economic growth,” said US Special Presidential Envoy John Kerry.

“At every step, Indonesia has communicated the importance of building a clean economy that works for the people of Indonesia and attracts investment. Together, we have a shared vision for that goal,” he added.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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US and Indonesia are going to announce a climate finance deal that will provide USD 20 billion to help Indonesia make a switch from coal power. The deal, which is brokered between the US, Japan and Indonesia will be outlined on Tuesday (November 15) on the sidelines of G20 summit in Bali, Indonesia.

US and Indonesia are going to announce a climate finance deal that will provide USD 20 billion to help Indonesia make a switch from coal power. The deal, which is brokered between the US, Japan and Indonesia will be outlined on Tuesday (November 15) on the sidelines of G20 summit in Bali, Indonesia. The deal has culminated after years of talks. It is being touted as the single largest climate finance transaction ever. According to the deal, Indonesia will commit to a cap of carbon dioxide release from it electricity sector at 290 megatons by 2030. Indonesia will also commit to reaching net-zero emission in the power sector by 2050. By end of this decade, Indonesia will also deploy renewable energy in order that it comprises 34 per cent of all power generation. “Together, we hope to mobilize more than $20 billion to support Indonesia’s efforts to reduce emissions and expand renewable energy and support workers most affected by the transition away from coal,” said US President Joe Biden at an event with European Commission President Ursula Von Der Leyen and Indonesian President Joko Widodo. He was quoted by Bloomberg. As Indonesia makes the switch to renewable energy. More than 10 gigawatts of localised power systems in Indonesia have been planned to be redirected to renewables instead of coal. This effort “can truly transform Indonesia’s power sector from coal to renewables and support significant economic growth,” said US Special Presidential Envoy John Kerry. “At every step, Indonesia has communicated the importance of building a clean economy that works for the people of Indonesia and attracts investment. Together, we have a shared vision for that goal,” he added. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Biden, Widodo to announce $20bn deal to help Indonesia move away from coal

Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign.

The 2020 budget proposals set a target of 5.3 per cent growth in the gross domestic product (GDP), the same as this year's, although officials have often said 2019 growth would probably range from 5.1 per cent to 5.2 per cent.

The proposed budget is 3 per cent bigger than 2019's plans, but about 8 per cent larger than the latest government estimate of what Jakarta will spend this year.

It will fund the president's programmes in the first year of his second five-year term, which officially begins in October.

"The 2020 state budget policy is designed to be expansive, but to remain targeted and measured," Widodo told parliament.

To fund his budget, <a href="https://www.wionews.com/world/as-indonesias-widodo-seeks-a-second-term-rural-voters-have-some-doubts-210297">Widodo proposed to set a target of 2,221.5 trillion rupiahs </a>of state revenue. That brings the fiscal deficit in his budget proposals to 1.76 per cent of GDP, which he said gave room to anticipate global uncertainties.

Juniman, the chief economist of Maybank Indonesia, said Widodo's GDP growth assumption, which is used as the basis of the government's tax revenue target, is unattainable.

"I'm pessimistic the 5.3 per cent growth can be achieved. Given the gloomy global condition and its slowdown trend this year and next, it will be hard for any emerging market to grow faster than this year," said Juniman, who uses one name, like many Indonesians.

He gave a 5 per cent growth outlook for 2019 and 2020.

Though the president's GDP growth target was "slightly optimistic", the tax target was "cautiously realistic", said Bank Danamon economist Wisnu Wardana.

While Widodo promised to keep building infrastructure in 2020, the budget's main theme was improving human resources, with the president pledging to "answer to our demographic challenges".

Earlier on Friday, Widodo told parliament raising the quality of the labour market in his second term was key to reaping the benefit of a demographic dividend - a time when the number of people of working age exceeds those of non-working-age.

The government proposed to spend 505.8 trillion rupiah ($35.51 billion) for education in 2020, up 30 per cent from this year, to improve basic education as well as provide financing for 818,000 students to go to universities, Widodo said.

It would also use the budget to provide training for what Widodo called "emerging skills", such as coding, data analytics, graphic design and even training to become a coffee barista.

The budget proposals also assumed an inflation rate of 3.1 per cent, a yearly average rupiah exchange rate of 14,400 to the dollar, a 5.4 per cent average rate for 3-month Treasury bills and an average crude oil price of $65 a barrel, Widodo said.

Parliament typically takes until October to approve the government's budget proposals.

Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign.

Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign. The 2020 budget proposals set a target of 5.3 per cent growth in the gross domestic product (GDP), the same as this year's, although officials have often said 2019 growth would probably range from 5.1 per cent to 5.2 per cent. The proposed budget is 3 per cent bigger than 2019's plans, but about 8 per cent larger than the latest government estimate of what Jakarta will spend this year. It will fund the president's programmes in the first year of his second five-year term, which officially begins in October. "The 2020 state budget policy is designed to be expansive, but to remain targeted and measured," Widodo told parliament. To fund his budget, Widodo proposed to set a target of 2,221.5 trillion rupiahs of state revenue. That brings the fiscal deficit in his budget proposals to 1.76 per cent of GDP, which he said gave room to anticipate global uncertainties. Juniman, the chief economist of Maybank Indonesia, said Widodo's GDP growth assumption, which is used as the basis of the government's tax revenue target, is unattainable. "I'm pessimistic the 5.3 per cent growth can be achieved. Given the gloomy global condition and its slowdown trend this year and next, it will be hard for any emerging market to grow faster than this year," said Juniman, who uses one name, like many Indonesians. He gave a 5 per cent growth outlook for 2019 and 2020. Though the president's GDP growth target was "slightly optimistic", the tax target was "cautiously realistic", said Bank Danamon economist Wisnu Wardana. While Widodo promised to keep building infrastructure in 2020, the budget's main theme was improving human resources, with the president pledging to "answer to our demographic challenges". Earlier on Friday, Widodo told parliament raising the quality of the labour market in his second term was key to reaping the benefit of a demographic dividend - a time when the number of people of working age exceeds those of non-working-age. The government proposed to spend 505.8 trillion rupiah ($35.51 billion) for education in 2020, up 30 per cent from this year, to improve basic education as well as provide financing for 818,000 students to go to universities, Widodo said. It would also use the budget to provide training for what Widodo called "emerging skills", such as coding, data analytics, graphic design and even training to become a coffee barista. The budget proposals also assumed an inflation rate of 3.1 per cent, a yearly average rupiah exchange rate of 14,400 to the dollar, a 5.4 per cent average rate for 3-month Treasury bills and an average crude oil price of $65 a barrel, Widodo said. Parliament typically takes until October to approve the government's budget proposals.

Indonesia president proposes $178 billion budget for 2020 with focus on education

Indian Prime Minister Narendra Modi met the presidents of Indonesia and Brazil separately on the sidelines of the G-20 Summit on Saturday and discussed ways to enhance cooperation in trade and investment. Watch this video to know more.

G20 Summit Day 2: PM Modi meets Widodo, Bolsonaro

In a bilateral meeting held between Indonesia President Joko Widodo and Bangladesh Prime minister Sheikh Hasina on Sunday, President Widodo stressed upon devising a peaceful and quick solution to the Rohingya crises.&nbsp;

In his two day visit to Bangladesh to discuss the bilateral relationship between the two nations, President Widodo also drew attention on the crises.&nbsp;

Appreciating the efforts of the Bangladesh government for providing shelter to over one million Rohingya people in the country, the&nbsp;president has&nbsp;assured to extend his country&#39;s support&nbsp;for the&nbsp;global concern.

Indonesian capital Jakarta had earlier supported the Rohingyas at the United Nations and its Human Rights Council.&nbsp;

To examine the plight and suffering of the Rohingya people, the&nbsp;president also expressed&nbsp;to visit the refugee camps of thousands of Rohingya Muslims. His visit is expected to put pressure on the on the Myanmar government.

The meeting was held at the office of Prime minister Sheikh Hasina.

&nbsp;

In his two day visit to Bangladesh to discuss the bilateral relationship between the two nations, President Widodo drew attention on the global crises

In a bilateral meeting held between Indonesia President Joko Widodo and Bangladesh Prime minister Sheikh Hasina on Sunday, President Widodo stressed upon devising a peaceful and quick solution to the Rohingya crises. In his two day visit to Bangladesh to discuss the bilateral relationship between the two nations, President Widodo also drew attention on the crises. Appreciating the efforts of the Bangladesh government for providing shelter to over one million Rohingya people in the country, the president has assured to extend his country's support for the global concern. Indonesian capital Jakarta had earlier supported the Rohingyas at the United Nations and its Human Rights Council. To examine the plight and suffering of the Rohingya people, the president also expressed to visit the refugee camps of thousands of Rohingya Muslims. His visit is expected to put pressure on the on the Myanmar government. The meeting was held at the office of Prime minister Sheikh Hasina.

Indonesia President called for quick, peaceful solution to Rohingya crises

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