G20 hopes Indonesia’s G20 Presidency finds solution to Global Economic Impact of Russia-Ukraine conflict

The second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting expects Indonesia’s G20 Presidency to bring about a solution to the Russia-Ukraine conflict, Indonesian Finance Minister Sri Mulyani Indrawati stated.

The second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting expects Indonesia’s G20 Presidency to bring about a solution to the Russia-Ukraine conflict, Indonesian Finance Minister Sri Mulyani Indrawati stated.

“(G20) members hope that the current geopolitical situation, particularly related to the war in Ukraine, will be handled,” Indrawati noted at a press conference of the second G20 FMCBG meeting on Thursday.

The expectation is based on the fact that the global situation has worsened and changed rapidly due to the COVID-19 pandemic, coupled with the Russia-Ukraine war, she remarked.

Moreover, the Russia-Ukraine conflict has a very dynamic implication, including on the energy, food, and fertilizer price hike, she affirmed.

Indrawati said Indonesia, which currently holds the G20 presidency, will continue to conduct intensive communication and consultations with all G20 members to address the very dynamic situation.

“The G20 good governance is actually based on consultations as well as cooperation,” she remarked.

Indonesia continues to hold discussions with all G20 member states to find ways to get out of the various global economic risks that result not only from the war in Ukraine but also from the pandemic, she stated.

The minister emphasized the current need for an exit strategy since several countries were under the threat of high inflation while the global energy and food price hike will increasingly create a challenging situation for policy makers.

According to Indrawati, G20 members are concerned about inflationary pressures that tend to prompt several central banks to raise the policy interest rates that will eventually lead to faster-than-expected global liquidity tightening.

Hence, the higher level policy becomes the focus to fulfill the exit strategy-related commitment that is well-calibrated, planned, and communicated to support recovery and reduce the potential impact of a spillover, she stressed.

The collective and coordinated actions are not only aimed at mitigating the impact of the Russia-Ukraine war but also at controlling the pandemic. The actions will remain high on the list of G20’s priorities, she stated.

G20 members have recorded an increase in the number of COVID-19 cases in several regions that burdened growth, extended supply disruption, worsened inflationary pressure, and slowed down global recovery, she remarked.

Written by Astrid Faidlatul H, Suharto, Editor: Fardah Assegaf (c) ANTARA 2022

Topic: Press release summary

Indonesia’s Pertamina Accelerates Energy Transition

State-owned PT Pertamina (Persero), an energy company that has been active in the global arena, reaffirmed its commitment as a company that cares about the environment, social aspects and good corporate governance, setting the energy transition program as the company’s top priority.

President Director & CEO Nicke Widyawati outlined Pertamina’s strategic initiatives for developing environmentally friendly and sustainable energy at the Indonesia – Dubai Expo media briefing on Friday. (ANTARA FOTO/ADWIT B PRAMONO)

“Pertamina is committed to being known not only as a global energy player but also as an environmentally friendly company, socially responsible and upholding good corporate governance,” said Nicke Widyawati, CEO of PT Pertamina (Persero) at the Indonesia Pavilion – Dubai Expo, on Friday (18/3).

Pertamina has played an important role in the transition of Indonesia’s energy industry by targeting the energy mix and reducing emissions, with a comprehensive reduction of GHG emissions by 30% before 2030. In addition, Pertamina will prioritize the development of New and Renewable Energy (EBT) to address environmental problems, which is in line with Indonesia’s Energy Mix by 2030.

Pertamina also supports Indonesia’s G20 Presidency, which targets energy transition as one of its main priorities. As part of the Business 20 Task Force on Energy, Sustainability, and Climate, Pertamina shares the priorities of G20 Indonesia as a catalyst for green recovery, along with the principles of energy security, energy equity and environmental sustainability.

Strategies include the development of green refineries and bioenergy, and the commercialization of hydrogen, while Pertamina has also continued to increase the use of new and renewable energy as well as implement carbon capture, utilization, and storage (CCUS) to increase production in several fields, she informed.

Widyawati said that Indonesia’s geothermal resources are abundantly spread across the Ring of Fire. Hence, she believes that these resources could be a strong backbone to accelerate the energy transition, which is in line with the government’s goal to achieve net-zero emissions.

“We believe that by realizing strategic programs in collaboration with many partners across countries, energy sustainability is not merely just a discussion, but also a concrete action in which the impacts can be experienced by everyone,” said Nicke, concluding her remarks.

Contact: Fajriyah Usman, VP Corporate Communications, PT Pertamina (Persero)
Email: fajriyah.usman@pertamina.com, URL: https://www.pertamina.com
Written by: Katriana, Editor: Rahmad Nasution (c) ANTARA 2022

Topic: Press release summary