Vietnam [13/24] - In a landmark move towards fostering sustainable economic growth, President Joko Widodo of the Republic of Indonesia actively participated in a high-level discussion hosted by Prime Minister Pham Minh Chinh of Vietnam. The dialogue aimed at unleashing the full potential of both nations to achieve high-income status by 2045.
The discussion, attended by key business leaders from various sectors contributing to sustainable infrastructure development, included representatives from both Indonesian and Vietnamese companies. Natalia Rialucky, CEO and Founder of Fairatmos, represented the climate technology sector operating in Southeast Asia.
"Indonesia and Vietnam share the same vision of becoming high-income countries by 2045, and to realize this, we need collaborative strength, including collaboration in the business sector," stated President Jokowi.
This business dialogue not only served as a crucial platform for exploring sustainable economic growth opportunities but also laid the foundation for strengthening cooperation to optimize Indonesia's carbon market potential, valued at over USD 200 billion. Through this collaboration, significant positive impacts are anticipated on climate change mitigation, environmental conservation, the promotion of green economic activities, and an overall improvement in societal well-being.
Indonesia, Vietnam, and other Southeast Asian nations have the potential to leverage Nature-based Solutions (NbS) for sustainable infrastructure and tourism development. NbS aids in emission reduction, environmental preservation, protection of natural ecosystems, and enhances tourism appeal through the preservation of biodiversity and unique landscapes. In Indonesia, the implementation of NbS is expected to reduce emissions by 200-300 million metric tons of CO2e per year by 2030, equivalent to reducing the emissions of approximately 42-63 million gasoline-powered vehicles annually. This step not only mitigates environmental impact but also propels sustainable economic growth in the infrastructure and tourism sectors.
Natalia Rialucky Marsudi emphasized, "Mitigating climate change in the forestry sector is crucial to becoming a pillar of sustainable economic development for both Indonesia and Vietnam."
Photo source: KBRI Vietnam
During the discussion, Fairatmos sought the support of President Joko Widodo and Prime Minister Pham Minh Chinh in advocating for regulations that support the growth of sustainable ecosystems, particularly in the carbon sector. Key points raised by Fairatmos included the need for regulations promoting carbon trading and accelerating the transition towards a low-carbon economy. This initiative aims to create a climate-based economic value that is sustainable in Southeast Asia by enhancing regional cooperation in climate change mitigation.
Fairatmos, in collaboration with CT Group in Vietnam, is committed to opening partnership opportunities to promote carbon offset initiatives. CT Group, a leading company with a diverse business portfolio, serves as a strategic partner in reducing carbon emissions and enhancing sustainability in Vietnam.
"Let's collaborate to build an inclusive future. Together, we can create innovative projects that not only benefit the environment but also enhance the sustainability and well-being of local communities," said Aruna Pradipta, VP of Climate Projects at Fairatmos.
This discussion marks a strategic step in fostering cross-border cooperation and creating solutions that not only support environmental balance but also contribute positively to the economic growth of both nations.
Based on “Climate Technology in Southeast Asia: Key to Unlocking the World’s Carbon Sink” BCG and Fairatmos 2023 report.
These numbers are approximate and based on estimates related to the potential carbon sequestration of Nature-based Solutions (NbS) projects in Indonesia.