Indika Nature Participation in COP29: Commitment and Action Towards Sustainable Future
Indika Nature together with Indika Energy participate in COP29 (29th Conference of Parties) held in Baku, Azerbaijan, from 11th to 22nd November 2024. We shared our bold commitments and actions for climate change, to achieve Net Zero emissions in 2050. We also seized the opportunity to gain valuable insights into climate and renewable energy actions from other countries and parties. This participation not only enriched the knowledge but also provided an exceptional platform for learning session, networking with diverse stakeholders, opening avenues for collaboration, business improvement, and growth in the renewable energy sector.
COP, short for the Conference of the Parties, is the main decision-making body of the UNFCCC (United Nations Framework Convention on Climate Change). It includes representatives of all the Parties (countries that have agreed to participate in and be bound by the UNFCCC). The UNFCCC COP takes place every year, and it’s an opportunity to share commitment and achievement, to assess progress, strengthen commitments to reducing greenhouse gas emissions and adapt to climate impacts. COP29 brought together nearly 200 countries and reached an agreement with the new finance goal and agreement on carbon markets.
As COP29 closed on 22nd November 2024, the conference reached a breakthrough agreement that will Triple finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035 and secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources to the amount of USD 1.3 trillion per year by 2035. COP29 also reached agreement on carbon markets – which several previous COPs had not been able to achieve. These agreements will help countries deliver their climate plans more quickly and cheaply, and make faster progress in halving global emissions this decade, as required by science.
As part of Delegation of Indonesia, we also actively participated in Indonesia Pavilion with several contribution as one of the speakers in CEO Climate Talks – special agenda managed by the Ministry of Environment – with theme Enhancing Ambition on Renewable Energy, represented by Retina Rosabai, Director and Group Chief Financial Officer Indika Energy. We shared Indika Energy’s “Navigating the Uncharted Part towards Sustainability”, commitment and action for green business portfolio to reduce emissions and to achieve Net Zero in 20250. “We adapt 3Ds to become who we (Indika Energy) are today. Diverse, divest, and decarbonized. We divest coal related assets, diverse in renewable energy including Indika Nature which focused on providing nature-based solutions, and decarbonized, which become Indika Energy long term goal, achieve Net Zero in 2050” said Retina in CEO Climate Talk Indonesia Pavilion in COP29.
In another session, “Harmonizing the Power of Nature and Tech: Forest Management meets BECCS in Climate Action” Leonardus Herwindo, CEO Indika Nature, also explained Indika Nature business pillars, especially Energy Plantation, with the topics “Innovating Beyond Biomass: Indika Nature’s Role in Indonesia’s Renewable Future.” Explaining why Indika Nature committed to wood pellet production, what are the opportunities and challenges, how Indika Nature addresses the challenges, and how Indika Nature always makes sure sustainability of wood pellet production and traceability. “Having this initiative of sustainable and traceable wood pellet production, we do hope that we can also contribute for decarbonization, having lower emissions. We also hope collaboration for all stakeholders together to develop green businesses in Indonesia, to create sustainable future for Indonesia, leaving a green legacy for our future generations.” said Leonardus in 5th session of 5th day of Indonesia Pavilion COP29.
