Prime Minister Justin Trudeau today announced $15 million in funding for the University of Waterloo’s Faculties of Mathematics and Environment to work with Indonesian partners on climate-change adaptation and mitigation strategies in the country.
The funding, provided by Global Affairs Canada, will support the Flood Impacts, Carbon Pricing, and Ecosystem Sustainability (FINCAPES) project, developed by UWaterloo international project managers Jean Lowry and Bill Duggan.
“The world is facing a race against time to reduce atmospheric carbon emissions and to slow down and reverse destructive global warming trends,” said Lowry. “It is imperative that all nations urgently undertake both climate change adaptation and mitigation efforts and we are thrilled to be supporting this crucial work in Indonesia.”
FINCAPES has three components designed to enhance and accelerate the capacity of Indonesia to adapt to and mitigate climate change. Under the first component, UWaterloo researchers and Indonesian partners will develop innovative new financial risk models to help local government, industries and vulnerable communities forecast and prepare for the socioeconomic costs associated with climate change exacerbated flooding.
The second component of the project will focus on bolstering Indonesia’s ambitious efforts to restore carbon sinks by helping to protect and rehabilitate critical peatland and mangrove ecosystems. This part of the project will develop a number of living laboratories for scientists to develop and test new methods for undertaking this important work and will also focus on promoting and replicating proven solutions on a much larger scale.
The third FINCAPES component will support the development of policies on carbon taxes, and carbon cap and trade programs, which will be a key part of Indonesia’s greenhouse gas reduction efforts and help finance the country’s transition to low carbon energy.
“Effective and sustainable responses to carbon emission threats are crucial to the survival of vulnerable communities in Indonesia and around the world,” said Duggan. “By focusing on improved carbon pricing and trading, and nature-based solutions, FINCAPES will help Indonesia transition to a low-carbon economy and become a more sustainable, and healthier place to live. This work is in line with the theme of adaptation to climate-change that was on display at this year’s COP conference in Egypt and also with the United Nations’ increased emphasis on helping countries to adapt to the growing impacts of climate change.”
More information about the FINCAPES project can be found on the University of Waterloo’s Statistics and Actuarial Science website.