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Marves – Badung, On Monday (20/5/2024) at BICC, Nusa Dua, the Coordinating Ministry for Maritime Affairs and Investment (Kemenko Marves) held the official launch of the Secretariat of the Global Blended Finance Alliance (GBFA) and signing of Letter of Intent. The GBFA G20 Bali is an international organization pioneered by developing countries, including Indonesia representing Asia in the Bretton Woods system, that aims to accelerate investments in climate action and Sustainable Development Goals (SDGs) for the global community.
Indonesia’s steadfast commitment to championing blended finance in the G20 process reflects its vision of global prosperity. Coordinating Minister for Maritime Affairs and Investment, Luhut B. Pandjaitan, extended his highest appreciation to President Joko Widodo, particularly for Indonesia’s initiatives within the G20 Bali Global Blended Finance Alliance (GBFA).
“Currently, blended finance mechanisms are being applied through South-South Cooperation to strengthen the implementation of strategic national programs in forestry, energy transition, and gas turbine generators,” explained Minister Luhut.
Resulting from the G20 Bali Leaders’ Declaration, the GBFA represents an innovative initiative to implement the G20’s blended finance principles. This initiative aims to channel blended finance in support of an environmentally friendly transition for developing countries, island states, and South-South Cooperation. Through GBFA Bali, the South-South Cooperation will harness the strength of diverse communities to foster progress toward shared goals by promoting collaboration and solidarity among nations.
Minister Luhut expressed gratitude to all member countries, especially the UAE, Fiji, France, Sri Lanka, the Democratic Republic of the Congo, Kenya, Luxembourg, and Canada, who joined today as prospective founding members. “We invite all nations to inclusively develop a roadmap towards an international organization and concrete cooperation,” he added.
The founding members signing the Letter of Intent include Canada, the Democratic Republic of the Congo, Fiji, France, Kenya, Luxembourg, Sri Lanka, and the UAE, with host country Indonesia.
Led by Mari Elka Pangestu, Presidential Special Envoy for Climate Finance, the GBFA G20 Bali Secretariat headquartered in the Sanur Special Economic Zone will be coordinated under Indonesia’s Coordinating Ministry for Maritime Affairs and Investment.
The Secretariat recently organized the Tri Hita Karana Forum – World Economic Forum G20 Bali Global Blended Finance Alliance Dialogue ahead of the World Water Forum, covering themes such as just energy transition, forestry, blue economy (including mangroves and seagrasses), infrastructure, tourism, and health.
The launch and signing of the GBFA G20 Bali Letter of Intent was attended by eight founding member nations, including three G20 representatives, financial hubs, island states, and African nations.
Source: https://maritim.go.id/detail/sekretariat-global-blended-finance-alliance-resmi-diluncurkan
