During the B20 Tri Hita Karana (THK) Forum in Bali, November 13, Paul Polman, member of steering committee, urges other countries to implement the principles of “Gotong Royong” (mutual cooperation) to mitigate climate change in these times of complexities.
The Business 20 (B20), official G20 dialogue forum with the global business community, is tasked with formulating policy recommendations on designated issues, which are then delivered to the G20 Presidency.
Mari Elka Pangestu, managing director, development and partnership policy, World Bank, said the time for action is now because there is already enough talk and promises. She said based on calculations by United Nations Environment Program (UNEP) and the World Bank, US$1.7 to US$3.4 trillion is needed to tackle climate change globally.
As with any other investment, to ensure positive returns to both investors and the involved communities is important and in the case of climate change, the use of blended finance is applicable. Blended finance is the strategic use of development finance and philanthropic funds to mobilize private capital flows. Therefore, she said with many significant stakeholders, the principles of mutual cooperation are apt.
Luhut Binsar Panjaitan, coordinating minister for maritime and investment affairs, in his keynote speech, said Indonesia is committed to deal with climate change and this motivation is driven by the younger generation of leaders who are concerned with protecting and conserving the environment.
Photo credit: Angiola Harry. Speakers and delegates at the Tri Hita Karana Forum opening ceremony, November 13.