G20 Bali Summit week begins with B20 and official launch of $1.4b Pandemic Fund

The G20 Presidency of Indonesia opened the week-long event of this year's Group of 20 Bali Summit by launching a $1.4 billion Pandemic Fund to help developing countries manage and cope with future pandemics and other global health threats and starting the Business 20 Summit.

The fund, with seed funding from 24 donors that came from both the public and private sectors, represents the essence of the summit' theme "Recover Together, Recover Stronger". Presided by Indonesia, this intergovernmental forum of the world's major economies is being held in the resort island of Bali with its summit on Nov 15-16.

Indonesian President Joko Widodo, who made the announcement via video link, welcomed the financing from major donors that include Indonesia, China, India, European Commission, the US and Japan among others, and philanthropy foundations. But he noted that this is not enough and called for more support.

The fund, established in September, is just one example of how private and public sectors can work together to address pressing issues. This is especially crucial for Indonesia which is presiding the G20 Summit at a time that economies are gradually recovering from a two-year pandemic.

"This 'pandemic fund' commitment is included in the agenda of the G20 leaders' summit," Secretary General of Indonesian Ministry of Health Kunta Wibawa Dasa Nugraha told a news conference on Nov 11, when the G20 Joint Finance and Health Ministers' Meeting was held. 

"The Pandemic Fund's structure provides a firm footing for successful operationalization", said Priya Basu, Executive Head of the Pandemic Fund Secretariat. The World Bank serves as the fund Trustee.

"The business community can contribute quite a lot (in post-pandemic recovery)," said Suwito, deputy chairman of the Indonesian Chamber of Commerce and Industry (KADIN) Hong Kong and Macau Committee.

In an interview held at the sidelines of the Business 20 (B20) summit, Suwito notes that this year's B20 Summit focuses on advancing innovative, inclusive and collaborative growth.

Hong Kong legislator Kennedy Wong, who's a B20 participant, noted that the world "has been through a difficult time". He said now is the right time for the world "to work with each other to share with each other. Our vision, our way (is) to develop a global village".

B20 is the official business group that leads engagement with G20. He said that B20's theme is in line with G20's focus to 'recover together', adding that businesses can help in the recovery by supporting more green initiatives, empowering women entrepreneurs and nurturing micro, small and medium enterprises.

The two-day B20, which will end on Nov 14, aims to produce a communique that will list down the business sector's proposals for the G20.

Luhut Pandjaitan, Indonesia's Coordinating Minister of Maritime Affairs and Investment, opened the Tri Hita Karana (THK) Forum on Sustainable Development, by citing that "blended finance is so important to finance so many climate projects".

Blended finance refers to the mobilization of both public and corporate funding to attain socio-economic development goals. Blended finance is the focus of the THK Forum, one of the side events of in the G20 summit.

He said the Indonesian government is currently finalizing the Just Energy Transition Partnership (JETP) which include collaboration for early retirement of coal power plants and shift towards renewable energy.