Indonesia is at a critical juncture, needing to deliver both growth and jobs while addressing the threat of climate change. The country is committed to reducing greenhouse gas emissions, with substantial funding requirements outlined in its subsequent to Indonesia’s First Nationally Determined Contribution (NDC) submission in 2016.

While public and international funding contribute to Indonesia’s climate efforts, private sector investment remains limited. Between 2015 and 2021, private investment totalled USD 20.77 billion, primarily in energy and transport, but only 2.6% accounted for climate-aligned investments, underscoring the need for more targeted policy and financing strategies to attract sustainable capital.

Indonesia estimates it will need USD 285 billion to meet its 2030 climate targets, but only 16.4% of this required budget be covered by the public budget by 2030 and with an additional committed from private and .

To address this 83.6% funding gap, the Ministry of Finance has introduced measures to track and allocate climate-related spending, institutional legal and regulatory reforms and taxonomies to guide green investments.

Despite these initiatives, the investment challenge remains. For Indonesia to meet its climate goals and drive long-term economic growth, it must strengthen public investment strategies and policy frameworks to leverage private capital and accelerate sustainable development.

GFI's role

The Green Finance Institute serves as a strategic partner to the Government of Indonesia, providing advisory support on green finance. Operating on behalf of the UK GFI is developing dedicated programmes of work in Indonesia to support the mobilisation of private capital to deliver rapid decarbonisation.

By working with government agencies, and partnering with financial institutions, corporates, NGOs, policymakers, academics and civil society experts, the GFI creates and scales innovative solutions that deliver practical outcomes for communities and economies tailored to the country’s context.

As experts in green finance, the GFI is uniquely positioned to bridge the gap between committed capital and impactful solutions, delivering positive outcomes for climate and nature by developing interventions that will redeploy capital at the pace and scale that the science demands.

Recent engagements include supporting Indonesia’s Ministry of Finance in developing the institutional structure and governance framework for the Sustainable Finance Committee, as well as working with PT SMI to design blended finance approaches and lay the groundwork for a Trust Fund and sectoral coalitions focused on NDC priority sectors.

Team

Rhian-Mari Thomas is Chief Executive of the Green Finance Institute, an independent organisation at the forefront of shaping how finance can be used to facilitate real economy transition.

Rhian spent 20 years in investment banking and corporate finance and was the first person to be awarded an OBE for services to green banking.

She is a former member of the Taskforce on Climate-Related Financial Disclosures (TCFD) and co-chaired the launch of the Taskforce on Nature-Related Financial Disclosures (TNFD) – having served as a senior adviser to the TNFD since its inception in June 2021. Rhian is a Trustee of the World Wide Fund for Nature (WWF) UK, and chairs the independent National Wealth Fund Taskforce. She also sits on an Independent Advisory Board for carbon ratings agency, BeZero Carbon, offering strategic advice on the future of carbon markets.

A fluent Welsh speaker, Rhian holds a PhD in Physics from Trinity College, Dublin, Ireland.

Dr. Rhian-Mari Thomas OBE

Chief Executive Officer

Simon is responsible for our strategic communications, relationship with governments and key external stakeholders. Prior to joining the GFI, Simon was Innovation Director at the City of London Corporation where he served on the secretariat for the Green Finance Taskforce which led to the creation of the GFI. He also served on the board of the Kalifa Review into UK Fintech. Most recently he was a Director at Flint Global, advising investor clients on sustainability.

Simon Horner

Managing Director, External Affairs

James Hooton is Managing Director of Missions, managing the Programme Directors across all GFI’s sectors. James previously spent 16 years at Goldman Sachs in London and Asia as a Vice President managing teams across geographies and a range of financial products from commodities, equity derivatives to vanilla cash equity. James is a founding and board member of the Sustainable Energy Finance Association, based in Brussels where he advises on financing real estate decarbonisation.

James Hooton

Managing Director, Missions

Dr. Poppy Ismalina is a senior economist with over 25 years of experience in sustainable finance, climate policy, and green economic development, with a strong focus on Indonesia. She currently serves as Senior Advisor for Sustainable Finance in Indonesia Works at the Green Finance Institute. Her previous roles at the IFC–World Bank and the Financial Services Authority of Indonesia (OJK) were pivotal in shaping POJK 51/2017 and the development of the national Green Taxonomy. As Regional Lead for Economic Growth and Partnership under the Asia Resilient Cities Project, she led efforts to promote sustainable development and carbon market initiatives across Indonesia, India, Bangladesh, and Mongolia. Her experience also includes advising the Green Climate Fund’s National Designated Authority through GGGI, contributing to green building finance with GBPN, and supporting fiscal reform through GIZ programs. She holds a Master’s in Economics of Development from the Australian National University and a PhD in Industrial Economics from the Research Institute SOM, University of Groningen.

Dr. Poppy Ismalina

Director for Indonesia

GFI Indonesia

GFI's role

Team

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