Indonesia has launched its Comprehensive Investment and Policy Plan (CIPP) to mobilize $20 billion in financing pledged by global lenders, including the United States and Japan.

The goal of this investment plan, Under Indonesia’s Just Energy Transition Partnership (JETP), is to accelerate the decarbonization of Indonesia’s power sector and reduce carbon dioxide emissions to 250 million metric tons by 2030. This is a significant decrease from the estimated business-as-usual emissions of over 350 million.

Indonesia, one of the world’s biggest greenhouse gas emitters, plans to increase the portion of renewable energy in its power generation to 44% by 2030 from around 12% in 2022.

“We have to move quickly because 2030 is less than seven years away. The partnership must be enhanced and accelerated to do the priority projects, including to immediately realize the financing commitments,” said Erick Thohir, ad-interim chief minister for investment affairs.

The CIPP, which was announced after a public consultation period, outlines a total investment of 97.3 billion needed to achieve the targets, with 66.9 billion needed for 400 projects that must start by 2030 at the latest.

Michael Kleine, the U.S. charge d’affaires in Jakarta, expressed hope that the JETP funding will “jump start” energy transition investment and attract more financing. However, some environmentalists have raised concerns about the large portion of commercial loans in the mix. Half of the pledged funds will come from private financing, which could include commercial loans with market rates, equity investments, or other debt instruments.

“What is the point of waiting for the JETP CIPP document to be released when the deal with advanced countries is just business-as-usual loans?” Bhima Yudhistira of the think tank Center for Economic and Law Studies

Notably, Indonesia’s JETP is the biggest of its kind, followed by Vietnam’s $15 billion scheme.