August 19, 2011 / 12:37 PM / 8 years ago

Japan to give $809 million climate aid to Indonesia: Pt Carbon

TOKYO (Reuters) - The Japanese government has signed an agreement to provide about 62.3 billion yen ($809 million) in new climate aid to Indonesia, one of the biggest emitters in the developing world.

The agreement was signed in Jakarta on Thursday by the Japanese ambassador to Indonesia and officials at the Indonesian Finance Ministry’s, Japan’s Foreign Ministry said in a news release.

Almost all of the money (60.3 billion yen) was provided in the form of low interest loans, mainly to build five geothermal power plants.

The cash will be repaid over 40 years at 0.3 percent annual interest.

According to the World Bank, Indonesia has the world’s largest geothermal resources, with nearly 40 percent of known global resources.

It is estimated that the country has 27 GW of geothermal generation capacity.

The cash is part of Japan’s contribution to a $30 billion global fund to help poor countries adapt to climate change and cut their emissions.

Japan pledged 1.75 trillion yen in aid, worth $15 billion at the time, although the amount is worth $22.7 billion due to the strength of the yen against the dollar.

Reporting by Hisane Masaki

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