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Despite the growing acknowledgement over the need to adopt and implement more sustainable business practices, turning this awareness into action is a whole nother matter.
In fact, atmospheric levels of the three main greenhouse gases – carbon dioxide, methane, and nitrous oxide – all reached new record highs in 2021. Moreover, only a handful of the world’s biggest carbon polluters are on track to reach their carbon neutrality targets.
Hopefully, Indonesia can set ablaze the environmental, social, and governance (ESG) trail. The archipelago is looking to cut more than 300 megatonnes of greenhouse gas emissions by 2030. It appears to be heading in the right direction after reducing 10.37 million tons of carbon dioxide from its energy plants in 2021 – double its initial target.
The G7 also got in on the act by disbursing US$20 billion to accelerate Indonesia’s energy transition process. But where will this windfall be diverted to and utilized?
According to today’s featured piece, a number of key stakeholders believe a large portion of these funds will likely be used to develop cleaner energy policies and more supportive regulations, rather than be directly funneled into the nation’s ESG startups.
The premium story sheds light on the various difficulties faced by local companies that are plying their trade in different pockets of Indonesia’s sustainability sector. It also explores the potential impact of G7’s funding boost on the future of these firms.
Today we look at:
- The impact of G7’s US$20 billion commitment on Indonesia’s ESG startups
- Jack Ma giving up control of Ant Group
- Other newsy highlights such as Grab tying up with ZaloPay in Vietnam and Huobi aiming for more users with fewer employees
Premium summary
Fuelling renewably
Image credit: Timmy Loen
One would hope startups such as waste management firm Waste4Change and solar power company Xurya would be the likely or eventual beneficiaries of the G7’s US$20 billion commitment to Indonesia.
However, these sustainability-focused firms don’t foresee a direct benefit from the G7 commitment due to regulatory hurdles and only having a small share of government projects.
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