Coordinating Minister for Maritime Affairs and Investment of the Republic of Indonesia (Menko Marves), Luhut B. Pandjaitan signed a Memorandum of Understanding on Climate Change and Sustainability in Singapore, signed by Teo Chee Hean, Senior Minister and Coordinating Minister for National Security Singapore.
This MOU is a follow-up to the meeting between President Joko Widodo and Prime Minister Lee Hsien Loong at the Leaders’ Retreat meeting, on January 2022.
This MOU will strengthen cooperation in four areas, namely pricing and markets for carbon, nature-based solutions and ecosystem approaches, clean technologies and solutions and green and blended finance.
Coordinating Minister Luhut said cooperation between Indonesia and Singapore is very important for both countries to overcome the impacts of climate change and keep temperatures below 2 degrees Celsius.
“This Memorandum of Understanding is a form of joint commitment to realize the ambitions of Indonesia and Singapore in the field of environment and climate change,” said Coordinating Minister Luhut. Senior Minister Teo Chee Hean said the MoU had become a means of cooperation between the two countries not only in the field of climate change but also to achieve economic goals.
For work plans related to the four areas of cooperation above, including the initiation of pilot projects, research collaborations, technology exchange and financing solutions in fields related to carbon credit projects, carbon storage and development of renewable energy to support regional decarbonization. This plan will involve policy makers, including the private sector and academia.
During his visit to Singapore until Tuesday, (March 22, 2022), Coordinating Minister Luhut also had the opportunity to meet the Prime Minister of Singapore, Lee Hsien Loong (March 21, 2022). At the meeting, Coordinating Minister Luhut conveyed an invitation to Singapore to participate in the development of food estates and the construction of the new National Capital (IKN) in Indonesia.
At the meeting, Coordinating Minister Luhut explained that the construction of the new nation’s capital city was not a short-term program until 2024, but was carried out on a long-term basis until the 100th anniversary of Indonesia’s independence in 2045.
In the first phase until 2024, Indonesia will build its own infrastructure needs, but for development in general it is possible to have foreign investment and it is hoped that Singapore will participate.