Day: January 26, 2022

The Sustainable Finance Working Group (SFWG) held its first meeting under Indonesia’s G20 Presidency through a virtual event held by the Finance Ministry and Bank Indonesia (BI) on January 25, 2022.

The meeting commenced with a remark by the Finance Ministry’s official, Dian Lestari, who highlighted the importance of creating an environment that could help the finance market support the efforts to achieve the Paris Agreement and Agenda 2030 goals.

“Discussion over public policies that encourage financing and investment is crucial in supporting a fair and affordable transition,” she noted in an official statement on Wednesday.

This first SFWG meeting was led by SFWG’s co-chairs, the United States and China, and was moderated by the United Nations Development Programme (UNDP) as the secretariat to discuss SFWG’s 2022 work plan.

The discussed SFWG work plan includes the G20 Sustainable Finance Roadmap advancement report supported by the Finance Minister and G20 Central Bank Governor on October 2021.

The report will include monitoring over actions taken by G20 members voluntarily both in finance track and sherpa track, international organizations, network, and other international initiatives.

The monitoring is conducted by observing whether the actions are in accordance with the details in the road map.

In addition, the current SFWG meeting discussed three 2022 work plan topics, including the development of transitional finance and bolstering the credibility of finance institutions’ commitment.

This framework aims to help the finance market support global economic transition.

Meanwhile, bolstering the credibility of finance institutions’ commitment, in this case, the private sector, is done by formulating the best practice in the implementation of net-zero financing commitment and other related financing.

The second topic concerns improving the sustainable financing instrument that focuses on accessibility and affordability, including the global sustainable finance market and the risk-reducing mechanism for a sustainable finance instrument.

In addition, addressing the knowledge gap concerning the sustainable finance instrument, specifically for stakeholders in developing countries and small and medium enterprises (SMEs).

The third pertains to public policies that encourage financing and investment that support transition, especially regarding the impact of public policies on the finance market and policy options that take into account the diverse conditions of each nation.

The first SFWG meeting was attended by all G20 members, invited nations, and international organizations.

The result of the meeting will be brought to the discussion on the second Finance and Central Bank Deputies meeting and the first Finance Ministers and Central Bank Governors (FMCBG) meeting in February 2022.

Source: Antara News

The value of the gross domestic product (GDP) contribution and exports of marine and fishery products has increased in 2021, in line with national economic recovery, Maritime Affairs and Fisheries Minister Sakti Wahyu Trenggono has noted.

“GDP’s value in the fisheries sector until the third quarter of 2021 has grown by 4.55 percent. This value is higher than fisheries GDP in the third quarter of 2020. Based on these figures, the performance in the fisheries sector during the first quarter to the third quarter of 2021 still indicates an increase compared to 2020,” he said during a joint working meeting with Commission IV of the House of Representatives (DPR) at the Parliament Building here on Wednesday.

According to the minister, GDP growth in the fisheries sector has not taken into account the growth of businesses in the marine and fisheries sector under the ministry’s authority, based on the Job Creation Law and its derivative regulations.

This growth does not involve fishery product processing commodities, salt commodities, biopharmacology, and biotechnology from marine products and marine services, he pointed out.

Trenggono further said that the export value of fishery products in 2021 reached US$5.72 billion, an increase of 9.82 percent compared to the previous year.

Meanwhile, the import value of fishery products reached US$0.5 billion, leading to a trade balance surplus of US$5.22 billion, an increase of 9.2 percent compared to 2020, he added.

The exports value and the trade balance surplus in the fishery sector have consistently increased in the last five years, he said. The value of fishery exports in 2017 increased by US$4.52 billion, while the trade balance recorded a surplus of US$4.09 billion, he added.

“The five leading commodities whose export value has increased are shrimp, skipjack tuna, octopus cuttlefish, crab, and seaweed. Meanwhile, the five main export destinations are the United States, which is the highest, then China, ASEAN countries, Japan, and the European Union,” Trenggono informed.

The commodities that have recorded the highest export value are shrimp (accounting for US$2.23 billion, or 38.99 percent of total exports), skipjack tuna (US$0.73 billion or 12.82 percent), octopus cuttlefish (US$0.62 billion or 10.83 percent), crab (US$0.61 billion or 10.69 percent), and seaweed (US$0.35 billion or 6.04 percent), he said.

The main commodities that have reported the highest increase in export value are crab, whose value has increased by 66.31 percent, seaweed (up 23.44 percent), and octopus cuttlefish (up 21.54 percent), he added.

Source: Antara News

The total financing of projects through State Sharia Securities (SBSN) between 2013 and 2022 reached Rp175.37 trillion, Director General of Financing and Risk Management at the Finance Ministry Luky Alfirman stated.

“The government remains committed to guarding the agenda of economic reforms, including on the fiscal side,” he noted here on Wednesday.

The funding was channeled for the construction of 4,247 projects at 11 ministries and non-ministerial government institutions in 34 provinces.

The value of financing, the number of projects, and the number of ministries and non-ministerial government institutions using SBSN continued to increase every year, he noted.

This means the issuance of SBSN received a warm welcome to finance a variety of development activities, he remarked.

The development of SBSN, as one of the state budget’s funding sources, is quite encouraging, particularly in the wake of the second wave of COVID-19 cases. The realization of project financing through SBSN in 2021 reached 85.52 percent.

The residual jobs of all projects will be completed in 2022. The projects are currently 93-96 percent complete, he stated.

“Once again, SBSN proves that it can contribute positively to national development and the government’s efforts to restore the economy through infrastructure expenditure,” he noted.

Luky expressed optimism that the projects financed through SBSN in 2023 would be in line with the priority of the government’s policies, so that the projects can reach the output and outcome target and jump start the process of national economic recovery.

Source: Antara News

Indonesia will propose collaboration on carbon capture, utilization, and storage (CCUS) during its G20 Presidency, the Energy and Mineral Resources Ministry said.

“The CCUS program at G20 will mirror our country’s serious commitment to protecting the environment. The program is one of the consequences for the countries that have ratified the Paris Agreement on climate change,” the ministry’s Oil and Gas Director General Tutuka Ariadji informed in a press release issued here on Wednesday.

During its year-long G20 Presidency from December 1, 2021, to November 2022, Indonesia will take up three key topics: the global health system, economic transformation, digital and energy transition, he said.

As part of this agenda, Indonesia should establish multilateral cooperation with other G20 members so that CCUS becomes one of the collaborative projects at the forum, Ariadji highlighted.

The G20 forum comprises 19 countries: South Africa, the United States, Saudi Arabia, Argentina, Brazil, India, Indonesia, the United Kingdom, Italy, Japan, Germany, Canada, Mexico, the Republic of Korea, Russia, France, China, Turkey, and the European Union.

“Indonesia has established cooperation with Japan, but it is not enough. Larger-scale cooperation with other countries is necessitated,” Ariadji said.

Canada and the US are among the countries that must be engaged since they have experience in implementing CCUS, he added.

“We have enough time to establish multilateral cooperation to highlight CCUS as one of the collaborative projects in G20,” he remarked.

In accordance with the theme of its presidency, “Recover Together, Recover Stronger,” Indonesia has appealed to the world to work hand-in-hand to achieve a stronger and sustainable recovery, he noted.

At least 150 activities will be organized as part of the G20 Presidency meetings, encompassing working groups, engagement groups, deputies/sherpa, ministerial meetings, G20 Summit, and other side activities, he said.

CCUS or CCS will be one of the topics that will be taken up during the G20’s side meetings this year, he added.

Source: Antara News

The Ministry of Communication and Informatics has highlighted the importance of purchasing a set-top box at the earliest before the analog switch-off deadline and completing the transition to digital television broadcasting.

“It is important to encourage residents to purchase a set-top box or a new television unit at the earliest time before the analog switch-off date, particularly residents who are economically able,” the ministry’s Director General of Post and Informatics Resources and Equipment, Ismail, said in Jakarta on Wednesday.

He had earlier attended a hearing meeting with the working committee for broadcast digitization of Commission I of the House of Representatives at the Parliament Complex in Jakarta.

Residents must be encouraged to purchase set-top boxes at the earliest to avoid a sudden surge in demand close to the analog switch-off date that may cause scarcity of the equipment in the market, the director general explained.

“We are wary of the potential scarcity of the set-top box in the market because the government is focused on procuring the equipment only for eligible residents. Hence, encouraging residents to purchase a set-top box earlier is important,” Ismail added.

Residents who purchase a set-top box can enjoy digital television broadcasts as some broadcasting companies are conducting simultaneous digital and analog broadcasting, he said.

As per the ministry’s records, at least 291 institutions, equal to 41.75 percent of 697 broadcasting institutions nationwide, have commenced simultaneous broadcasting, the director general added.

“Simultaneous broadcasting allows residents to enjoy digital television in their home. Some regions even have more digital than analog broadcast,” Ismail noted.

He confirmed that the ministry and broadcasting institutions have discussed broadcasting quality content only on digital televisions to boost the transition process.

“The plan is intended to encourage residents to purchase new digital television units or set-top boxes as, for instance, they can only watch football matches on digital television in the future. Hence, the plan to create killer content (television programs of high popularity) is also important,” he said.

The ministry has projected that the final phase of the analog switch-off will conclude by November 2 this year, he added.

Source: Antara News