RTRS-Prabowo Plans USD65bn Green Fund As Inauguration Nears

Reuters reporting that according to Ferry Latuhihin, a climate advisor for President-Elect Prabowo Subianto, the incoming administration is planning to launch a 'green economy fund' that intends to raise USD65bn by 2028 through the sale of carbon emission credits related to projects including rainforest preservation.

• Should the scale of the fund be realised it would go some way to helping Indonesia reach its target of net carbon neutrality by 2060. However, as Reuters notes "it faces big challenges including competition in global carbon markets and ensuring projects are seen as credible."
• There is just over a month until Prabowo's inauguration as president on 20 October, taking over from incumbent Joko 'Jokowi' Widodo.
• Prabowo has pledged to boost real GDP growth from its current 5% to 8% annually.
• Bold claims on the economy have come as the president-elect has sought to distance himself from Jokowi's political actions, which critics have alleged are attempts to further cement his family's role in Indonesian politics after he leaves office.
• Attempted changes to electoral laws, seen as encumbering Jokowi's political rival Anies Baswedan, sparked mass protests in August. Rather than siding with his one-time rival, now political ally, Prabowo instead was seen to advocate for the withdrawal of Jokowi's son from a regional election race in order to cool tensions.