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Supporting Global Cooperation Efforts for Economic Recovery

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By: Bayu Pramudya)*

The Indonesian government is open to various global collaborations to accelerate economic recovery. The global synergy is also an implementation of the theme of the G20 Summit, Recover Together, Recover Stronger.
Airlangga Hartarto, the Coordinating Minister for Economic Affairs, said that Indonesia is open to working with global partners to ensure that the economic recovery process runs evenly across all G20 countries.

On the occasion of the G20 Presidency, he stated that Indonesia was open to partner support, this support could be in the form of pilot projects or lighthouses and economic cooperation, especially in the field of energy transition and development of market-friendly financing schemes with international best practices.

Then, funding to develop available and affordable technology to support the transition from fossil fuels to new and renewable energy (EBT). This is of course relevant to the theme of the Indonesian G20 Presidency, namely recovering together, recovering stronger. Thus, it is the responsibility of all G20 members to ensure that no country is left behind.

Indonesia’s G20 presidency itself focuses on three global and national priority areas, namely strengthening the global health architecture, digital-based economic transformation, and accelerating the energy transition. Airlangga also added that the energy sector is a source of about of greenhouse gas emissions. As such, the G20 framework is to guide the energy transition of major economies.

The G20 provides support in the form of proposals to increase understanding and readiness of the financial sector on the potential risks of climate change through the fulfillment of data gaps, for the purpose of assessing climate related financial risks and encouraging climate related disclosure. The G20 supports the Italian Presidency’s proposal to reactivate the Sustainable Finance Study Group (SFSG).
The reactivation of the SFSG is expected to boost the readiness and capacity of the financial sector to support the transition to a sustainable economy.

The Ministers of Finance and the Governors of the G20 Central Banks encourage the review and update of the G20 Action Plan, thus reflecting the picture of forward looking policies as the main coordinating tool for G2O countries, in dealing with the Covid-19 pandemic and accelerating economic recovery.

On a different occasion, Indonesia managed to host the 7th Global Platform for Disaster Risk Reduction (GPDRR) Forum. The international forum which took place in Nusa Dua, Bali.

Raditya Jati as the Head of the Secretariat of the National Committee for the 2022 GPDRR Organizing said, Indonesia carries the spirit in strengthening partnerships towards sustainable resilience.

Raditya hopes that this activity can encourage more cooperation in disaster risk reduction and global commitment in building resilience in a sustainable manner in accordance with the 2015-2030 disaster risk reduction framework.

Raditnya also said, there are 3 reasons why Indonesia is interested in being the host. First, building disaster risk resilience by strengthening the cooperation of all global and domestic stakeholders.

Of course this is one of the commitments not only from the central government but also the local government. According to him, the spirit to build the nation’s resilience has become one of the priorities.

In addition, geographical conditions, climatic conditions that are prone to disasters are also important reasons. Indonesia needs to cooperate with many parties in efforts to reduce disaster risk in the country.

This is important considering that the disasters that occur also have an impact on the economic sector, so this global cooperation also aims to restore the economy if unexpected events such as disasters occur in Indonesia.

Of course, in order to realize the vision of recovering together, recovering stronger, countries need to work together to reduce trade tensions and strengthen the multilateral trading system, which is the main engine for growth and employment.

On the other hand, many developing economies need the support of the global community in their recovery, as these countries face a shrinking fiscal space and an increasing debt burden.

Global cooperation is something that needs to be realized, because a country cannot develop without cooperation with other countries. Of course, optimism about the economic recovery must continue to be maintained, along with the reduction in positive cases of Covid-19 and the loosening of health protocols in public places.

)* The author is a contributor to the Press Circle and Cikini Students

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