Kemenko Marves, 6 Sept 2024 — The Indonesia International Sustainability Forum (ISF) 2024 concluded on Friday (Sept. 6) with a series of climate-related commitments, further cementing Indonesia’s position as a key climate player and leading voice of green growth for developing economies.

The two-day gathering saw the signing of 14 Memoranda of Understanding (MoUs) on critical areas such as cross-border electricity interconnection, carbon capture, acceleration of energy transition, as well as green transition in transportation, among others.

In his closing remarks, the Coordinating Minister for Maritime Affairs and Investment (CMMAI/ Kemenko Marves) of Indonesia, Luhut Binsar Pandjaitan said the ISF’s strong spirit of collaboration boosted his hopes in tackling climate crisis.

“I have every confidence that we will maintain the momentum generated in these past two days and turn the ideas we’ve exchanged into meaningful action,”

“We all heard that the energy transition is complex, and there are no shortcuts. While we all come from diverse backgrounds with different starting points, boundaries, and challenges, we share the same responsibility and opportunity to contribute to the global sustainability journey,” said Pandjaitan, whose Ministry hosted the ISF 2024 with support from the Indonesia Chamber of Commerce (Kadin Indonesia).

Rachmat Kaimuddin, Deputy for Transportation and Infrastructure at the Coordinating Ministry of and Maritime Affairs and Investment (CMMAI/Kemenko Marves), echoed Luhut’s statement saying that the next step is to focus on action.

“We hosted the ISF 2024 in Indonesia because we recognize that to combat climate crisis, the world must build lasting, mutually beneficial collaboration that respects each country's starting point, needs and constraints. We are dealing with complex challenges, but we can't afford to wait for the theoretically perfect solutions. So let us focus on practical solutions that can positively impact people's lives, now.

Shinta W. Kamdani, Coordinating Vice Chairwoman for Maritime, Investment and Foreign Affairs of Kadin Indonesia, said that the collaborative solutions from ISF 2024 can bridge the sustainable funding gap, enabling the implementation of sustainable business practices, particularly in terms of financing.

“The ISF 2024 proved to be an impactful platform that could turn collaboration into green opportunities. I look forward to witnessing how the ISF’s follow up actions could strengthen the collective commitment of the corporate world as a key driver in mobilizing green funding,” Shinta said.

Below is the list of agreements including Memorandum of Understanding, Letter of Intent, and joint studies:

• Announcements on Cross-Border Electricity Interconnection between the Government of Indonesia and the Government of Singapore 
• Garuda Hydrogen - Hydrogen Purchase Agreement Key Term between Indonesia’s state-owned electricity firm (PLN), Indonesia’s PLN Indonesia Power, Indonesia’s state-owned fertilizer company, PT Pupuk Indonesia, ACWA Power.
• Joint Study on Carbon Capture Storage (CCS) Potential/Carbon Capture Utilization and Storage (CCUS) between Indonesia’s state-owned oil firm, Pertamina, and Indonesia’s state-owned fertilizer firm, PT Pupuk Indonesia (Persero).
• Joint Study Agreement on the Feasibility Study on Carbon Capture, Transportation, and Storage with Offshore ONWJ as Storage Area (JSA CCS Pertamina and POSCO (Korean group)
• Joint Statement between Kadin Indonesia and BloombergNEF on Carbon Center of Excellence (CCoE) (Kadin Indonesia x BloombergNEF)
• Memorandum of Understanding between Kadin Indonesia and the Supporting Work Team of the National Energy Transition Task Force in the Electricity Sector on Accelerating Energy Transition and Developing Low Carbon Economy in the Electricity Sector (Rumah Paten)
• Memorandum of Understanding for the development of Tidal Power Plant Project in Flores Larantuka, East Nusa Tenggara between four parties being Indonesia’s state-owned electricity firm, PLN, the Ministry of Public Works of Indonesia, and the provincial government of East Nusa Tenggara, and Tidal Bridge.
• Joint Study on Hydrogen Ecosystem Development to Prepare the PLN Strategy Roadmap between Indonesia’s state-owned electricity firm, PLN, the Ministry of Energy and Mineral Resources of Indonesia, and HDF Energy Indonesia.
• Launching of the Blue Halo S programme between CMMAI, Kadin Indonesia, Ministry of Maritime and Fisheries of Indonesia, and Konservasi Indonesia.
• Memorandum of Understanding between the CMMAI’s Deputy for Coordination of Maritime Resources and the Indonesia Global Compact Network (IGCN) on Cooperation for the Development of International Tropical Seaweed Research Center.
• Launching of the Climate Transition Impact Framework (C-TIF) and the Indonesia Application by the CMMAI and McKinsey & Company.
• Launching of the Indonesia Climate Dialogue by stakeholders, including Kadin Indonesia, Center for Strategic and International Studies (CSIS), Systemiq, Indonesia Business Council (IBC).

The ISF 2024 drew around 7,000 participants – more than triple compared to last year’s attendance. The 7,000 participants were part of the 11,000 people from 53 countries who had registered for the event.

Luhut said that next year’s ISF is planned to be held in Bali with a bigger outreach.

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