Andrew Mitchell (Conservative)

I have today laid a departmental minute outlining details of a new liability being undertaken by the Foreign, Commonwealth and Development Office to support Indonesia’s Just Energy Transition Partnership—JETP. This guarantee will support the development of the JETP and reduce the impact of climate change in the region. The new $1 billion guarantee facility, which will guarantee additional lending from the World Bank, will be conditional on Indonesia implementing the ambitious commitments to energy transition made as part of the JETP, and on the World Bank reaching its lending limits in Indonesia, which would require the Bank to scale up its financial support for Indonesia’s energy transition significantly over several years. If implemented, the UK guarantee would enable the Bank to lend an additional up to $1 billion to Indonesia at affordable rates.

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