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Cablegate: Cop-13 Finance Ministers' Side Meeting

VZCZCXRO8639
RR RUEHCHI RUEHCN RUEHDT RUEHHM
DE RUEHJA #3274/01 3330941
ZNR UUUUU ZZH
R 290941Z NOV 07
FM AMEMBASSY JAKARTA
TO RUEHC/SECSTATE WASHDC 7207
RUEATRS/DEPT OF TREASURY WASHDC
RUCNDT/USMISSION USUN NEW YORK 0753
INFO RUEHZS/ASSOCIATION OF SOUTHEAST ASIAN NATIONS
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEHKO/AMEMBASSY TOKYO 1205
RUEHBJ/AMEMBASSY BEIJING 4535
RUEHBY/AMEMBASSY CANBERRA 1659
RUEHUL/AMEMBASSY SEOUL 4314
RUEAIIA/CIA WASHDC
RHEHNSC/NSC WASHDC

UNCLAS SECTION 01 OF 02 JAKARTA 003274

SIPDIS

SIPDIS

DEPT FOR IO, OES/EGC, OES/IET
DEPT FOR EAP/MTS, EAP/RSP AND EB/IFD/OMA
DEPT FOR EAP DAS MARCIEL, EEB DAS DIBBLE
TREASURY FOR TFCA - BERG AND IA-BAUKOL
NSC FOR CEQ CONNAUGHTON, VAN DYKE
TREASURY FOR U/S MCCORMICK, DAS DOHNER
USUN FOR ECOSOC - HEIDT
SINGAPORE FOR TREASURY-BAKER
COMMERCE FOR 4430-BERLINGUETTE

E.O. 12598: N/A
TAGS: EFIN SENV ECON KGHG TBIO ID

SUBJECT: COP-13 FINANCE MINISTERS' SIDE MEETING

1. Summary: The Finance Minister's side meeting at the upcoming
United Nations Climate Change conference seeks to review the cost of
environmental damage; examine policy instruments available to
address the issues; set objectives and common goals; and outline
next steps. The Government of Indonesia requests that each
country's delegation prepare an action plan for climate change
mitigation and adaptation and provide comments on the draft
statement to be provided on or about November 30. End Summary.

Finance Ministerial Side Meeting a New Tradition
--------------------------------------------- ---

2. The Government of Indonesia (GOI) recently held a meeting with
relevant Ambassadors to brief on the GOI's goals for Finance
Ministers' side meeting at the United Nations Framework on Climate
Change Conference of Parties (UNFCC-COP-13) to be held in Bali
December 3-14. Finance Minister Mulyani urged thoughtful
participation by all delegations and noted that this would be the
first Finance Ministerial at a UNFCC event. Indonesia wants to
start a "new tradition," Mulyani noted.

Agenda and Substance of Finance Ministerial
-------------------------------------------

3. The agenda of the Finance Ministerial will include the following
sessions:

Session I: Magnitude of the Problems and Costs of Environmental
Damage;

Session II: Policy Instruments Available to Address the Issues;

Session III: Objectives and Common Goals - National, Regional and
Global;

Session IV: Next Agenda (Steps Towards Upcoming Meetings and
Cooperation Among Finance Ministers).

4. In addition, Minister Mulyani made clarifying comments on goals
for the above topics:

-- Session I: Economic magnitude and consequences of climate change
on the global economy and domestic policies. Will climate change
shift global attention and resources and how? Costs of early action
are less than responding to damage. Climate change is also a
development, economic and investment problem. Finance Ministers
need to integrate climate change-related issues into policy and
financial planning.

-- Session II: How domestic policies can be developed to address
climate change issues. Will CC take over the development agenda for
poor countries? Can we summarize a toolkit of national policy
instruments available to finance ministers? Global best practices
and sharing of country experiences. Call for systemic integration
of climate change adaptation and greenhouse gas mitigation into
country development and poverty reduction plans.

-- Session III: Common international objectives on climate change.
Where can we work together? How to address deforestation in
developing countries? Can we create a global adaptation fund?
There is a case for making international financing mechanisms
larger, more effective, more accessible, more concessionary.
Emphasize the need for innovative and additional financing for both
mitigation and adaptation in developing countries. Highlight the
importance of technology development and technology transfer to
developing countries. Call for a global compact on climate change
that combines equity, efficiency, mitigation and adaptation.

-- Session IV: Identifying next steps for Finance Ministers
specifically. Call for regular follow-up meetings, discussions at
future World Bank annual meetings and future COPs. Discuss and
coordinate actions in the area of climate change and development.

JAKARTA 00003274 002 OF 002


Finance Ministers could propose to advance the understanding of the
impacts of climate change, greenhouse gas mitigation options at
macro and micro-economic level. Finance Ministers could propose to
review and assess financial incentive instruments to influence
decision making with a view to making it lower carbon or more
climate resistant (e.g. a more rational pricing for the use of
scarce resources, fiscal and financial policies, insurance products,
etc.)

Goals and Outcomes
------------------

5. The GOI has circulated papers from international institutions
(Stern Review, OECD, Inter-Governmental Panel on Climate Change
Working Group) for review the week of November 26, which have been
transmitted to Departments of State and Treasury via e-mail. The
GOI requests that participating delegations prepare an action plan
on the implementation of financial and fiscal policies for climate
change adaptation and mitigation. A draft Ministerial statement
will be circulated on or about November 30. The GOI would
appreciate USG comments. A press statement will be issued right
after the closing of the Finance Ministerial side meeting, but the
full text of the statement will be given to the UNFCC Plenary on
December 14.

HUME

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