JAKARTA, Oct 13 - Indonesia will need to invest US$150 billion to US$200 billion per year in low carbon programmes over the next nine years to meet its goal to reach net zero carbon emissions by 2060 or sooner, a new government study showed on Wednesday .
In the study by the planning ministry, authorities found that transforming the economy to meet the new goal would cost US$20 billion per year in 2021 and 2022, and an average of US$150 to US$200 billion per year between 2021 to 2030, or 3.4 per cent to 4.5 per cent of gross domestic product . By cutting fossil fuel subsidies and setting up carbon trading, the government could generate savings and new revenue, respectively, to the equivalent of 2.2 per cent of GDP in 2030.
Authorities also expect funding from REDD+ and major bilateral and multilateral donors, assuming Indonesia could successfully restore and protect its forests, peatlands and mangroves, and tap funding from the Asian Development Bank, the World Bank and other multilateral lenders.
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