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As one of the metropolitan areas with the highest population density in the world, Jakarta has experienced many climate challenges. Djakarta is unremarkably known equally the "world'south fastest sinking city" (Earth Economic Forum, 2018), equally nearly one-half of the city is located below sea level, with some neighborhoods sinking as fast every bit ix inches per year. Some of the root causes of this sinking are (i) groundwater exploitation—Jakarta has low water levels for drinking and other everyday purposes and then the citizens accept to resort to pump h2o from aquifers that are deep cloak-and-dagger, (ii) poor metropolis planning—growth of urban population increases need and reliance for ground water and (three) climatic change that caused accelerated bounding main level rise, increase of rainfall intensity, and continuation of extreme weather, which leads to increased overflowing risks. Meanwhile, Jakarta is committed to reduce Greenhouse Gas emissions by thirty% in 2030 from current business organisation as usual 35 MT CO2e, thus meaning funding is required to achieve this target.

Despite the existing climate risks and the aggressive 2030 GHG emission reduction target, just viii.6% of Djakarta'southward municipal budget went to environment-related spending in 2017 and 2018, despite its potent financial capacity. Playing several roles equally the national uppercase, a central place of control for the national economy, Jakarta can generate more revenue annually, as compared to other municipalities in Indonesia. Its climate related commitments are likewise included in the regional activity program for the Sustainable Development Goals (SDGs), namely the 2017-2022 RPJMD. Furthermore, the fiscal infinite allows Dki jakarta to initiate the necessary climate related projects, with alignment and coordination at the national and sub-national level, to achieve climate targets. However, no previous research has tracked Jakarta's investment in climate finance. This case report is a first-of-its-kind attempt to rails public and individual urban climate investment flows in Jakarta. Climate finance tracking helps to place cardinal sources of funding for urban climate projects, providing stakeholders with better insights into the type of climate financing (in both accommodation and mitigation) and supports regime agencies in formulating policy guidance.

The key findings are:

1. The full tracked urban climate finance commitments in Djakarta stood at USD 44.nine billion (or IDR 652.4 trillion) across 37 projects during the 2015-2019 period. The bulk of the tracked commitments were allocated to infrastructure projects. The Giant Sea Wall, a multi-twelvemonth adaptation projection that was later discontinued due to controversy, alone accounted for 83% of these commitments.
2. Public finance dominated the landscape of urban climate finance in Jakarta in the 2015-2019 financial year period, with near of the large-scale climate infrastructure projects in the city are initiated and funded by the primal authorities. Regime budgets for the capital letter expenditure of infrastructure projects, sourced both from the fundamental and local governments, with central government dominating 57% of funding. Mitigation projects such as sustainable transportation, are mainly funded using debt finance, with sum of USD 2.7 billion (or IDR 39.2 trillion), while adaptation projects are usually funded past disinterestedness finance. Given Jakarta's stiff economical position, the metropolis is really able to admission big public climate investments using catalytic financial instruments and approaches, such as investment hazard-sharing agreements and Public-Private Partnerships (PPP), but has not fully tapped into its potential to do so.
3. Dki jakarta has untapped potential to secure financing for climate projects. Private finance only accounted for 2% of total climate finance in Jakarta, which is USD 925 million (or IDR thirteen.4 billion), flowing to climate activities in Jakarta between 2015-19, with 89% using residual sheet debt. A city with a lot of commercial projects, Jakarta is currently underutilizing the potential to attract private finance. Based on our tracking results (see Section 1.3), Jakarta has not accessed any loans from fiscal institutions in 2017 – 2018. While it is desirable to have minimum liabilities, it also shows that Dki jakarta has pregnant room to increment its ambition and leverage its potent fiscal capacity, both from its own upkeep and from key regime support, to attract and mobilize individual finance to invest to Dki jakarta'south climate actions using innovative financing schemes.

Based on the findings, the key recommendations for Jakarta to accelerate the quantity and effectiveness of urban climate finance are: (i) to take a more than explicit and articulate alignment of Jakarta'southward climate priorities with both the national government and Jakarta's satellite cities. To date, Jakarta's climate priorities are non explicitly aligned with its surrounding cities' climate priorities. Jakarta has the position to spearhead this alter to mobilize other public and individual actors to collectively achieve wide impacts. Beingness the middle of Indonesia'southward government and economic activity, Jakarta would gain from an integrated collective approach to tackle climate change involving related stakeholders, including the national and neighboring cities as project owners and policy makers, as well as the related sectors, i.eastward. infrastructure, transportation, and energy. An integrated collective approach is as well important to (ii) develop an improved climate policy framework integrating climate budget tagging and enhanced strategies to scale upward catalytic financing for climate investments to help mobilize climate finance by identifying the financing gap between commitments and realizations and to ensure systematic coordination and collaboration between Dki jakarta and its satellite cities. Such a climate policy strategy is urgently needed then that Jakarta is able (iii) to scale upward catalytic and innovative financing models and leveraging municipal budgets to mobilize private investment, given that Jakarta is yet to fully leverage its stiff fiscal capacity to concenter individual sector financiers. Mobilizing private finance is one of the key strategies in anticipation of the stripping of capital city condition from Djakarta that may result in less financing to Jakarta from primal government, in the future.

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Source: https://www.climatepolicyinitiative.org/publication/assessing-jakartas-climate-investments/

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