Secretary of the Treasury Janet L. Yellen Holds Productive Meeting with Indonesian Minister on Energy Transition and Climate Investments

WASHINGTON (August 4, 2023) – Secretary of the Treasury, Janet L. Yellen, held a crucial meeting with Indonesia’s Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, to discuss the Indonesia Just Energy Transition Partnership (JETP) and its Comprehensive Investment and Policy Plan (CIPP).

During the meeting, Secretary Yellen commended Indonesia’s dedication to addressing climate change and achieving ambitious climate targets, as outlined in the November 2022 JETP Joint Statement. The CIPP, being developed by the JETP, was a focal point of discussion, with Secretary Yellen emphasizing its significance in allocating the $20 billion JETP financing towards vital projects and priorities that will bolster Indonesia’s transition to a sustainable energy future.

The comprehensive plan aims to support Indonesia’s economic development while simultaneously curbing emissions through the implementation of an ambitious on-and-off-grid power sector transition. The efforts undertaken by Indonesia to develop and execute such a strategy were highly appreciated during the discussion.

Moreover, Secretary Yellen took the opportunity to highlight the United States’ own commitment to fighting climate change. She briefed Minister Pandjaitan on the Inflation Reduction Act, a critical legislation designed to facilitate emissions reductions in the United States. The act, besides setting the nation on a robust pathway to meeting its climate goals, is anticipated to generate new employment opportunities through substantial investments in the fight against climate change.

Both Secretary Yellen and Minister Pandjaitan expressed their commitment to fostering a strong and collaborative partnership between the United States and Indonesia to tackle the global challenge of climate change effectively.

The meeting concluded on a positive note, with both parties reaffirming their shared vision of a sustainable future and promising to work together closely in pursuit of their climate goals.

The United States and Indonesia’s collaboration in the realm of energy transition and climate investments is expected to set an example for international cooperation in combating climate change and promoting sustainable development.