At the global level, the COVID-19 pandemic has also widened the financing gap for achieving the global SDGs from 2.5 trillion U.S. dollars per year to 4.2 trillion U.S. dollars.

Jakarta (Indonesia Window) – Indonesia needs over one trillion U.S. dollars to achieve its target of the Sustainable Development Goals (SDGs) by 2030, Minister of the National Development Planning/Head of the National Development Planning Agency Suharso Monoarfa has said.

"Indonesia is estimated to need one trillion U.S. dollars to achieve the SDGs by 2030, but with the impact of the pandemic, it is clear (this figure) has increased significantly," he said at the G20’s 3rd Development Working Group side event held in Nusa Dua area, Bali province, on Tuesday.

At the global level, the COVID-19 pandemic has also widened the financing gap for achieving the global SDGs from 2.5 trillion dollars per year to 4.2 trillion dollars.

This shows that not only has the COVID-19 pandemic reversed progress of the SDGs achievement, but also reduced available resources, driving a financial inflation.

However, Suharso emphasized that efforts to achieve the SDGs targets in Indonesia by 2030 would continue according to President Joko Widodo's directives even though resources to close the financing gap would be more.

Therefore, according to him, an integrated and holistic approach is needed to recover financing in the medium to long term planning, one of which is through the Integrated National Financing Framework (INFF).

INFF facilitates structured dialogue with ministries and institutions as well as non-governmental actors in mapping the landscape of sustainable development financing from both public and private sources.

INFF will also identify new and innovative instruments that can be utilized to achieve the SDGs such as blended finance and investment.

So far, Indonesia has designed an economic transformation to build a sustainable future with the SDGs as the main framework.

Indonesia has also taken steps towards developing a sustainable financing strategy by prioritizing the SDGs in every policy and framework.

These efforts include mainstreaming aspects of the SDGs within the framework of state-owned enterprises, as well as investment and business policies, including in the stock market.

"There are only eight years left until 2030, so that INFF will become the umbrella for financing initiatives," Suharso said.

Reporting by Indonesia Window