The IMF President Urges Indonesia to Consider Sustainability Amid Rising Mining Difficulty

02/25/2023 04:00 • Tech Ticker • 243 views

7:00-12:00 Key words: IMF president, Indonesia, Polygon, mining difficulty

Summary of important developments at noon on February 25

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The President of the International Monetary Fund (IMF), Kristalina Georgieva, has urged Indonesia to consider sustainable mining practices amid rising mining difficulty. Speaking at the conference of the Indonesian Mining Association (IMA) on Thursday, Georgieva highlighted that the recent surge in mining activity has created rising environmental risks and calls for governments to consider sustainability measures. She noted that mining is a key source of economic growth in Indonesia and it was important for the country to realize its huge mineral potentials while also ensuring environmental and social sustainability for its people.

Indonesia is a country with abundant natural resources, including coal, nickel, tin, and copper. Mining accounts for around 11% of its GDP and has been a key driver of its economic growth. However, mining activities have also prompted environmental problems that need urgent solutions. Among the problems that the sector has faced include land degradation, air and water pollution, and health issues for local communities. The scale and speed of mining activities have made it difficult for government and industry actors to monitor and maintain responsible practices.

The president’s call comes after two mining firms have become embroiled in a multimillion-dollar court battle, highlighting issues of environmental degradation caused by mining companies. PT SPS and PT WDT are accused of breaching regulations that resulted in toxic waste being dumped into the Ambon Bay, a World Heritage-listed site, which could cause long-term environmental impacts to the biologically diverse marine ecosystem.

Indonesian mining companies must ensure a sustainable future whereby mining practices do not adversely affect the environment, local communities, and the economy. One way the country could achieve this is through innovative technology that reduces mining waste and promotes more responsible mining policies. This will help to establish a long-term, sustainable development path where economic growth is achieved alongside environmental protection and the well-being of local communities.

In conclusion, the IMF president’s call for sustainability measures in the mining sector is timely and urgent. Indonesia must address the rising risks associated with mining activities to ensure economic growth does not come at the cost of environmental and social sustainability. It is time to rethink the norms and approaches that have characterized the mining sector for so long and focus on a sustainable future for all.

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