Indonesia has vast potential to develop green economy: President

Indonesia has vast potential to develop a green economy to reduce the impact of climate change, said Indonesian President Joko Widodo (Jokowi).

"The world economy is currently being transformed into a green economy. Financing is now mainly provided to the green industry," Jokowi stated on Aug. 30 at the opening of the XIII Congress of the Indonesian Hindu Students Association at Tadulako University, Palu, Central Sulawesi.

The president highlighted a shift to the use of green energy, as the world is working to mitigate the impact of climate change.

The president drew attention to Indonesia's vast potentials in the form of geothermal potential of 24,000 MW, 95,000 MW of hydropower from 4,400 rivers in the country, 169,000 MW from solar panels, and 68,000 MW of wind power.

Read more: Class 3 renewables potential in Southeast Asia: Geothermal energy in Indonesia

With the presence of those various potentials, President Jokowi believes that Indonesia would be able to attract more investment in the green economy sector.

Moreover, Indonesia is currently developing green industrial areas, one of which is in North Kalimantan, with a total area of 30 thousand hectares. The industrial area will use hydropower from the Kayan River in that area.

"If we use this power properly, it will become our country's strength because other countries do not have that much energy potential; 434,000 MW (new renewable energy potential) is a big power," he said.

Jokowi further underlined the community's responsibility to continue to be consistent with Indonesia's vision and strategy in competing with other countries.

"This is a challenge as well as an opportunity. The (industrial) down streaming that I often convey everywhere, if we carry it out consistently, will make this country to be able to leap to become a developed country," he remarked.