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Coordinating Minister Luhut Emphasizes the Importance of Sustainability to Restart the Global Economy

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Minister Luhut Binsar Panjaitan during his speech at the G20 B20 summit in Bali - 

 

The Coordinating Minister for Maritime Affairs and Investment (Menko Marves) Luhut B. Pandjaitan in the Business20 (B20) Summit, Sunday (13-11-2022) said that as a result of the Covid-19 pandemic, collaboration between business and the government is the most important effort that needs to be done. done for the sustainability of business, planet, and society. "I think it's important for all of us to be prepared to face the worst risks to produce good output," he said.

He said that in the midst of the current conditions, we must think about taking action in a new situation, to combat the existing existential threat, namely climate change. The recent natural disasters and famines that affect almost the entire world are directly related to the ever-increasing global temperature,” he said.

B20 as an official dialogue forum representing the global business community is not only able to recommend policies, but B20 can also follow up on these policies and prioritize the common good.

With abundant natural resources, Coordinating Minister Luhut said technology and data are the keys to finding long-term solutions to economic and environmental challenges. The hope is that it will create innovation, new jobs, improve energy efficiency, and promote industry, investment, and sustainable development.

Based on the experience of the last eight years, Indonesia has transformed its economy to become more efficient, more developed, and less dependent on commodities. "One of the many reasons behind it is our success in transforming our economy so that it is less dependent on exports of raw commodities," said Coordinating Minister Luhut. He explained that the downstream policy has turned Indonesia into a world investment center, especially for the electric vehicle (EV) and battery industry in the near future.

In addition, Indonesia is building a green industry in North Kalimantan. There will be entirely new renewable energy, such as hydropower, which could also support the manufacture of products such as batteries and battery inputs with a low carbon footprint. This is considered important because in Indonesia itself, many people use motorized vehicles, both cars and motorbikes. "If society can change from using fossil-based vehicles to EVs, then this will contribute significantly to reducing emissions," he concluded.

According to a release received by Voice of Indonesia on Sunday (13/11/22), the battery supply chain investment project is estimated to be worth more than USD 21 billion. On the demand side, the government is currently formulating an incentive scheme that will encourage more public use of EVs, and that will help the transition happen more quickly.

“We must prioritize the energy transition through decarbonization in the power generation sector and its use. To make this happen, we need the joint efforts of all countries, both developed and developing countries, in the energy transition," said Coordinating Minister Luhut. Furthermore, he believes that economic recovery, sustainable economic and business practices, and inclusive growth will bring prosperity to future generations//VOI

 

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