AsianFin -- Countries such as Germany and Japan are working to preserve initiatives designed to channel approximately $45 billion toward helping developing nations transition away from fossil fuels, as the US reduces its leadership role.
Discussions are underway among international partners to maintain the momentum of the Just Energy Transition Partnership (JETP) agreements, which were originally forged under President Joe Biden’s administration. These deals, aimed at Indonesia, Vietnam, and South Africa, are now in jeopardy as the US pulls back.
Germany will step in as the lead partner to secure roughly $20 billion for Indonesia’s energy transition, which is heavily reliant on coal, as confirmed by the Federal Ministry for Economic Cooperation and Development. Global supporters of the JETP programs are also assessing the potential financial consequences if the US fully withdraws its backing, according to sources familiar with the matter who requested anonymity to discuss private talks.
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