finance
Peru is tackling water scarcity with nature-based solutions, leading the way in Latin America
Josefa Mería has lived in the Peruvian city of Moyobamba, where the Andes meet the Amazon rainforest, for more than 30 years. Even in this humid tropical climate, she remembers when some 20 years ago there was such little water that services to the city were frequently cut off, angering the entire city. “There was […]
Indonesia to build coal plants despite $20b deal on clean energy transition
JAKARTA — Indonesia will continue building new coal-fired power plants, despite a recent $20 billion deal with the G7 group of industrialized countries to help it transition to clean energy. Activists say this puts the deal, known as the Just Energy Transition Partnership and signed at the G20 summit that Indonesia hosted earlier this month, […]
Where is the money? Brazil, Indonesia and Congo join forces in push for rainforest protection cash
The world’s three forest giants — Brazil, Indonesia and the Democratic Republic of Congo (DRC) — have signed a joint statement calling for the negotiation of new payment mechanisms to preserve the tropical rainforests that help regulate the world’s climate and house millions of plants and animals. The announcement marks the beginning of a strategic […]
Indonesia seals $20 billion deal with G7 to speed up clean energy transition
JAKARTA — Indonesia has struck a historic deal with the G7 group of industrialized countries on a $20 billion financing package to help it speed up its transition from fossil fuels to renewable energy. The Just Energy Transition Partnership (JETP) will see the G7 plus Denmark and Norway deliver the funding to Indonesia over the […]
In new climate deal, Norway will pay Indonesia $56 million for drop in deforestation, emissions
JAKARTA — Norway has agreed to pay Indonesia $56 million in a climate agreement between the two countries, as Indonesia has succeeded in reducing carbon dioxide emissions by preserving its vast tropical rainforests. The contribution agreement, signed Oct. 19 by both governments, is a follow-up to both countries’ new climate deal, which was struck on […]
Indonesian banks prop up coal industry increasingly shunned by outside lenders
JAKARTA — Indonesia’s four largest banks handed out loans totaling $3.5 billion of direct loans to the coal industry from 2015-2021, despite their stated commitments to sustainable financial practices, a new report shows. The report by a coalition of civil society groups looked at loans made by BNI, BRI and Bank Mandiri, all state-owned lenders, […]
Big banks fund the heavy machinery used for Amazon deforestation, report says
The deforestation sweeping across the Brazilian Amazon is driven largely by industrial agriculture, mining and cattle ranching. But those activities wouldn’t be possible without heavy machinery like bulldozers and tractors, and the big banks that often finance their purchase. Questionable business practices, weak government oversight and a lack of transparency make buying heavy machinery in […]
Planned coal plants fizzle as Japan ends financing in Indonesia, Bangladesh
JAKARTA — Major coal-fired power plant projects in Indonesia and Bangladesh have effectively been cancelled after the Japanese government, their main funder, recently announced it would stop providing loans to build such plants in the two countries. For Indonesia in particular, the move also means the loss of the top three foreign funders of coal […]