Indonesia Needs US$2.5T a Year for SDGs

Indonesia needs funds of US$2.5 trillion a year to implement the sustainable development goals - Photo: Privacy

JAKARTA (TheInsiderStories) – Indonesia needs funds of US$2.5 trillion a year to implement the sustainable development goals (SDGs), officials said today (10/08). The funds are expected to be sufficient to finance 17 development agendas targeted to be completed by 2030.

“The SDGs discussion costs the $2.5 trillion a year. The amount makes the government unable to work alone. Therefore we need cooperation with various parties. If we cooperate, it can be done,” said Vice President Jusuf Kalla when opening the 2019 SDGs Annual Conference in Jakarta.

Kalla added, the SDGs would be difficult to implement in 2030 without cooperation with other countries and private sectors. The cooperation is also in line with one of the goals in the SDGs, which is to revive global partnerships for sustainable development.

In the same place, National Development Planning Minister, Bambang Brodjonegoro, confirmed the SDGs would not be achieved if it only relied on the government budget. On that basis, SDGs financing needs to be combined with other funding sources, such as from state-owned enterprises, the private sector, and philanthropy.

For this reason, he said, as the coordinator for achieving the SDGs, his party was trying to be a link to other sources of funding. The ministry will identify other potential funding sources. Then, it will match it with government action in implementing SDGs.

“The SDGs talk about partnerships, not only its goals but also financing. As a financing hub, we will also go through the promotion of raising funds from non-government agencies,” he said, adding that this role differentiates between the SDGs Financing Hub and SDG One Indonesia, which is managed by Finance Ministry.

SDG One Indonesia is an integrated funding cooperation platform for infrastructure development to achieve the SDGs goals in Indonesia. SDG One Indonesia is tasked with raising funds, but does not do any matching or promotion for the 17 goals, he explained.

Brodjonegoro detailed, SDGs Financial Hub will be in the form of a new unit in his ministry. The minister also said that his office had compiled a work plan for two periods. The achievement of the first phase starts from 2020 to 2024, it continued in the second phase from 2024 to 2029.

Indonesia had also conducted several collaborations for the SDGs project. One of them is Indonesia’s cooperation with the Japan International Cooperation Agency (JICA). The project began in April 2019, which is planned to last for 1.5 years in 5 provinces in Indonesia. It starts a pilot project in the provinces of Jakarta and Banten and three other provinces will be determined later.

The SDGs are the blueprint to achieve a better and more sustainable future for all. It is a collection of 17 global goals set by the United Nations General Assembly in 2015 for the year 2030.

It includes no poverty, zero hunger, good health, and well-being quality education, gender equality, clean water, and sanitation, affordable and clean energy, decent work and economic growth, industry, innovation, and infrastructure.

Then reducing inequality, sustainable cities and communities, responsible consumption and production, climate action, life below water, life on land, peace, justice, and strong institutions, and partnerships for the goals.

Written by Lexy Nantu, Email: lexy@theinsiderstories.com