Money and Politics Put World’s Biggest Climate Deal at Risk

A draft blueprint for Indonesia’s $21.5 billion green aid package highlights significant obstacles, including a big loophole for new coal.

The JETP coordinating committee aims to have a revised plan before COP28 begins in Dubai in November. Photographer: Sascha Schuermann/Getty Images , Photographer: Sascha Schuermann/Getty Images Europe

“The process started top-down,” said Edo Mahendra, chair of the secretariat tasked with turning the JETP, as the climate package is known, into reality. “Once we do the bottom up, all the devils that lurk in the details come out.” Bloomberg reporters spoke with more than a dozen people with knowledge of the negotiations, most of whom asked to remain anonymous because the discussions are private and ongoing. They described deep gaps between all sides over even the most basic terms and the scope of the problem they have to fix.

For Indonesia, which is responsible for a tiny fraction of historical emissions relative to the donor countries, this adds up to a problem. JETPs are supposed to bring costs for emerging countries more in line with what already wealthy nations would pay, via grant financing or ultra-low-rate loans. They are intended as catalysts, facilitating affordable investment.

This is no mere detail. The captive plants underpin a nickel-processing boom that has placed Indonesia among the major suppliers of minerals critical to the global energy transition. Jokowi, as Indonesia’s president is known, hopes to parlay those reserves into domestic battery and electric-vehicle industries—manufacturing growth, in short, and jobs.

To wind down plants owned by the state utility Perusahaan Listrik Negara, known as PLN, all parties have to agree on the market value of the facilities. Those are likely to be lower than what’s currently on the utility’s books—in 2015, it revalued the assets to help cope with heavy debts—so any kind of sale or refinancing tied to early retirement would register as a loss.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

BNNBloomberg /  🏆 83. in CA

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

A walk through Vancouver’s two worldsNowhere in Canada is the gulf between privileged and deprived so stark as between the Gastown and East Hastings neighbourhoods
Read more »

York police put the brakes on influencer's free-wheeling waysA 22\u002Dyear\u002Dold influencer found out the hard way that York Regional Police are fast learners when it comes to cracking down on street racing.
Read more »

Jordan Travis poised to put FSU back among college football's eliteSeminoles QB Jordan Travis brings the star power with hopes to put Florida State back in the CFP conversation.
Read more »

100%-UPDATED**Cash App Money Generator 2022 No Human Verification 100% WorkingFree Cash App Money download link is given in this post. You can earn a lot of money with Free Money on Cash App. It is very simple working in it is very easy.
Read more »

[TOP-WORKING]* Free Cash App Money GENERATOR 2022 UPDATE No-VerificationFree Cash App Money download link is given in this post. You can earn a lot of money with Free Money on Cash App. It is very simple working in it is very easy.
Read more »

[FrEe]^*Cash App Money Generator Tools Free Easy MethodFree Cash App Money download link is given in this post. You can earn a lot of money with Free Money on Cash App. It is very simple working in it is very easy.
Read more »