Ery Wijaya, CPI Indonesia’s Senior Analyst, participated in Festival Iklim (Climate Festival) 2018 hosted by the Ministry of Environment and Forestry (MoEF), held in Jakarta on the 16th to 17th of January 2018. He was one of the panelists at the session on “Realizing Climate Investment: Progress, Challenges and Opportunities”, co-hosted by the World Wildlife Fund (WWF) Indonesia.
Ery presented findings of CPI’s studies on landscape of climate finance in global and national levels. He pointed out that trend of global climate finance flows increased every year and reached a record high in 2015 as the contribution of a surge in private renewable investments, particularly in China, the U.S., and Japan. Meanwhile in Indonesia, nearly 70% of public climate finance came from the state budget where most of it was spent on indirect activities. There is a potential for more effective spending of public climate finance to catalyze private investment in climate friendly projects, for example on the need to meet 23% of renewable energy target on national energy mix by 2025.