GBFA to bridge funding gap for climate projects: Minister

Badung, Bali (ANTARA) – The Global Blended Finance Alliance (GBFA) will help bridge the financing gap to fulfill climate projects and achieve the Sustainable Development Goals (SDGs), said Indonesia’s Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Bandjaitan.

„The GPFA will mobilize blended finance as a strategic tool to bridge the funding gap for climate (projects) and the SDGs,” Bali said at the launch of the GPFA Secretariat in Nusa Dua on Monday.

The GBFA was adopted by the leaders of the G20 Bali Summit to accelerate climate investment in developing countries, least developed countries and island nations.

Its main focus is on Global South cooperation and transition financing.

The GBFA will support countries in designing and implementing appropriate policies and financing solutions to improve institutional frameworks, technology and data and change to achieve the SDGs.

„The GBFA will support G20 policies for blended finance and country-led policy development, which should prioritize our needs and establish key partnerships,” Luhut noted.

He also invited representatives of participating countries to strengthen international cooperation through various forums, including the next G20 summit in Rio de Janeiro, Brazil.

„Together, we can create a brighter, more sustainable future for all,” Luhut said.

He also underlined that the climate crisis is an important issue for all countries of the world.

According to the United Arab Emirates COP28 Consensus, each party committed to an energy transition away from fossil fuels to accelerate emissions reductions based on Nationally Determined Contributions (NDC).

Luhut said there is a challenge of climate change and the need to close large projects because of the climate finance gap. For this, GBFA can act as a solution.

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For example, GPFA will support water conservation projects and bridge the gap between available public resources and the massive investments required by the Global Water Fund.

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