PT SMI’s Stride Strengthening as Development Bank
Collaboration Will Focus on Climate Finance, Sustainable Development and the Blue Economy
NEW YORK, NY and JAKARTA, INDONESIA — Today, Bloomberg Philanthropies and PT Sarana Multi Infrastruktur (Persero) (PT SMI), an Indonesian state-owned enterprise financing national projects under the Ministry of Finance, announced their commitment to turbocharge Indonesia’s clean energy transition and promote blue finance and marine conservation—two areas of critical importance to the Indonesian economy.
Building on their partnership that began in 2019, Bloomberg Philanthropies will increase its support to PT SMI to accelerate Indonesia’s transition to a net-zero future. The expanded partnership will advance climate finance policies and sustainable development by strengthening technical capacity and resources to support a robust pipeline of regional projects. Bloomberg Philanthropies will also convene partners to help progress PT SMI’s sustainable finance goals.
Ministry of Finance Republic of Indonesia Sri Mulyani Indrawati stated, “Indonesia is committed to take part in combatting climate change and hence, is reflected through the commitment in the Paris Agreement. Indonesia has committed to reduce greenhouse gases by 29% with the country’s own capacity and 41% with international support by 2030. Through SDG Indonesia One, partnership between PT SMI and Bloomberg Philanthropies is expected to allow both parties to make bigger impacts by creating innovative and collaborative program that could support GOI’s goal to combat climate change and achieve sustainable development goals.”
“Bloomberg Philanthropies’ partnership with PT SMI has helped to advance solar energy projects and drive the clean energy transition across Indonesia – and our latest phase of work will expand on that progress,” said Michael R. Bloomberg, founder of Bloomberg L.P. and Bloomberg Philanthropies and the UN Secretary-General’s Special Envoy for Climate Ambition and Solutions. “Our efforts will focus on gathering data and attracting financing for projects that promote sustainability, marine conservation, and the drive toward a net-zero emissions future. Together, we can help scale up investments that strengthen Indonesia’s economy while supporting the fight against climate change.”
Together, the organizations will explore opportunities for blended finance in clean energy, building on PT SMI's SDG Indonesia One Platform – an initiative that combines public and private funds to finance infrastructure projects related to the Sustainable Development Goals.
President Director of PT SMI Edwin Syahruzad stated, “The extension of the partnership between Bloomberg Philanthropies and PT SMI aims to accelerate our efforts to combat climate change and achieve the Sustainable Development Goals. With the extension of this MoU, we are looking to advance our work on the clean energy transition, marine conservation and blended finance in coastal communities. We believe that our collaboration with Bloomberg Philanthropies can broaden our impacts and promote better livelihood for our future generation.”
To date, Bloomberg Philanthropies and PT SMI have collaborated to develop a pipeline of investable solar projects in Indonesia to attract financiers and private investors. Through their renewed partnership, Bloomberg Philanthropies and PT SMI will pilot financial levers and technical support to scale-up investment in Indonesia’s solar power.
Bloomberg Philanthropies and PT SMI are also working together to strengthen economic and environmental resiliency in traditional coastal communities in Central Indonesia, assisting economic improvements while strengthening environment resilience by creating economic opportunity for women, restoring local mangroves, and protecting coral reefs.
This partnership builds on Bloomberg Philanthropies’ work to reduce air pollution and support a clean energy transition in Indonesia. Earlier this month, Bloomberg Philanthropies released the report Scaling Up Solar in Indonesia: Reform and Opportunity, in partnership with BloombergNEF and the Institute for Essential Services Reform, offering tailored policy recommendations to develop Indonesia’s abundant and untapped potential for solar power. The report found that Indonesia’s transition away from coal, gas, and fossil-fuel power to meet its 2025 renewable energy goal poses tremendous economic and environmental opportunities for global investors.
Head of Corporate Secretary
PT Sarana Multi Infrastruktur (Persero)
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About Bloomberg Philanthropies
Bloomberg Philanthropies invests in 810 cities and 170 countries around the world to ensure better, longer lives for the greatest number of people. The organization focuses on five key areas for creating lasting change: the Arts, Education, Environment, Government Innovation, and Public Health. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg’s giving, including his foundation, corporate, and personal philanthropy as well as Bloomberg Associates, a pro bono consultancy that works in cities around the world. In 2020, Bloomberg Philanthropies distributed $1.6 billion. For more information, please visit bloomberg.org or follow us on Facebook, Instagram, YouTube, and Twitter.
About PT SMI
PT SMI is one of the Special Mission Vehicles (SMV) under the Ministry of Finance which is engaged in financing and preparing infrastructure projects. Established on February 26, 2009, PT SMI is an infrastructure financing State Owned Enterprise (SOE) wholly owned by the Government of Indonesia Ministry of Finance. PT SMI is mandated to engage in financing and preparing infrastructure projects, especially projects that align with the sustainable infrastructure concepts and contribute to achieving the Sustainable Development Goals (SDGs) in Indonesia. The entity supports the Government of Indonesia’s infrastructure development agenda by financing national or local infrastructure projects, developing infrastructure projects, and providing financial advisory. For more information, please visit www.ptsmi.co.id or follow us on Facebook, Instagram, YouTube, and LinkedIn.Back to News