G20 in Bali: Carbon cut goals and geopolitics

Dec 2, 2022 | Media & Press, Updates

The November 2022 G20 Bali summit brought together the world’s big economical twenty to discuss the burning topics regarding the global economy. The most pressing issue of all was inevitably the ongoing invasion war in Ukraine condemned by most members. The condemning countries recognized “immense human suffering and exacerbating existing fragilities in the global economy.” […]
  1. Home
  2.  | 
  3. Media & Press
  4.  | G20 in Bali: Carbon cut goals and geopolitics

The November 2022 G20 Bali summit brought together the world’s big economical twenty to discuss the burning topics regarding the global economy. The most pressing issue of all was inevitably the ongoing invasion war in Ukraine condemned by most members. The condemning countries recognized “immense human suffering and exacerbating existing fragilities in the global economy.” Russia’s president Vladimir Putin was not present at the meeting.

Other outcomes of the meeting included attempts to strengthen US-China relations and launch a financial deal to decrease the carbon emissions of Indonesia’s coal-powered economy. These and other matters were discussed under the theme “recover together, recover stronger,” referring to the battle against the COVID-19 pandemic’s after-effects on the global economy.

What about climate?

The aftermath of the meeting on media has raised an important question: should more light be shed on climate actions despite the urgency of the Russian war on Ukraine? Without underestimating the importance of handling the war and geopolitical relations, the urgency of the increasing climate change can’t be set aside. Furthermore, the location of the meeting should shed an eye on Indonesia especially.

Eyes on Indonesia

Indonesia is the world’s fourth-most-populous country, located on a unique stretch of thousands of islands covering unique ecosystems to preserve. The country is the sixth-biggest emerging market by GDP, striving to find a way to grow even with globalization in retreat. The aces in Indonesia’s sleeve include natural resources such as nickel and a thriving environment for new technology companies. This hasn’t been unseen by big international investors aiding the country’s growth. In the process, the life quality of a quarter of a billion people could be improved.

Growth comes with a cost. With the increasing deregulation of foreign investors listed in the Omnibus Bill, the number of industries allowed to operate in Indonesia will grow. Besides this, the bill has a drawback on worker rights. Nevertheless, even though the Omnibus Bill is yet revised, Indonesia’s desire to open up for global businesses is clear.

The Bali G20 meeting did bear fruit by launching the Just Energy Transition Partnership (JETP), a partnership with Indonesia to pursue a more sustainable power sector transition for Indonesia to keep the 1.5-celsius global warming limit reachable. This partnership aims to decrease the carbon emissions of Indonesia’s coal-powered economy, enabling the country to grow. To fund this initiative, $20 billion will be collected in public and private investments. In numbers, the goal is to cumulatively reduce more than 300 megatons of greenhouse gasses by 2030 and well above two gigatons during the 2060s compared to the current state of emissions.

We are not done yet

The initiative and concrete actions to slow down climate change are joyful. Yet, the battle for a better future persists and requires every fighter on every front, from different sizes of businesses to consumer awareness. Schedule a meeting with one of our experts to help you grow more sustainably and carbon-neutrally or do the Carbon Credit Check

Other articles

Jan 25 2023

Carbon Credit Trends 2023

There have been several trends in the carbon credit market in recent years, we've compiled a top 5 list of trends: Increasing demand for carbon credits: As concerns...
Jan 08 2023

10 Suggestions for Agrivoltaics in 2023

Agrivoltaics is the practice of combining agriculture with photovoltaic solar panels in order to maximize land use and increase energy production. Here are ten best...
Jan 08 2023

10 Predictions for Bitcoin Mining in 2023

2023 is here, and the bitcoin mining industry is full of questions about what the new year will bring. Some key topics of interest include the impact of companies that...
Happy New Year
Dec 31 2022

We wish you a Happy New Year!

GRN Energy wishes you a happy and healthy new year! May this year bring you joy, success, and all the things you have been hoping for. May it be a year of growth, new...
Dec 28 2022

BTC mining to power a rural Kenyan community

Despite the controversies revolving around Bitcoin, it undoubtedly has its positive qualities. The proof-of-work protocol cryptocurrency that requires mining has gotten...
Dec 20 2022

We wish you a Merry Christmas!

Wishing you a Merry Christmas and a happy holiday season! May this time of year be filled with joy, love, and warmth. May you be surrounded by family and friends and...
Nov 24 2022

Creating renewable energy opportunities in Indonesia.

Creating renewable energy opportunities in Indonesia. Bentaus, GRN Energy & Jabar Energi Digital have been working for a year on building relationships and...
Nov 11 2022

What are Carbon Credits for?

Climate change is an acute crisis requiring everyone’s input, from businesses of all scales to individual consumers. In the business world, the approach to putting in...
Nov 06 2022

Solar farms: harnessing the untapped potential of solar energy

With the ongoing energy crisis, the interest in different renewable energy sources has soared globally. Solar energy especially has struck the interest of many...
Aug 06 2022

Miners used more green energy and became more efficient

Bitcoin Mining Council Q2 report: Miners used more green energy and became more efficient As the second quarter of 2022 ended, it is time again to look at the bitcoin...