President Yudhoyono made the announcement during a keynote address at the Pacific islands Development Forum (PIDF), which took place in Fiji. He said the money was important as it would help to face the challenge that climate change is creating across the globe.
During the speech, he said it is a priority to help the maritime and fishery sectors in the Pacific and to join forces when it comes to protecting marine areas. As well as helping fishing industries, it is hoped that renewed efforts will allow the Pacific region to reduce emissions by 26 per cent by 2020 using its own resources. With international help, this could be increased to a 41 per cent reduction.
President Yudhoyono also said in his address that Indonesia has already contributed to the global fight against climate change due to its efforts to fight against deforestation and the loss of peat lands. Indonesia's national sustainable development plan places a green economy as one of the most important factors; this includes strengthening ties with PIDF states.
The PIDF Summit started on Thursday (June 18th) and finishes tomorrow (Friday June 20th). As well as President Yudhoyono's address, Fiji's interim prime minister, Frank Bainimarama has also spoken at the event.
Mr. Bainimarama accused the global community of abandoning the Pacific Island nations to the effects of climate change, allowing them to "sink below the waves". In his opening speech, he said there is a state of collective dismay at the failure of the wider world to deal with the issue.
"The rising sea levels caused by global warming threaten the very existence of some of our neighbours - Kiribati, Tuvalu and the Marshall Islands," he said.
"[They] are already swamping the coastal areas of many Pacific nations, including Fiji.
"Yet if anything, the collective will of the global community to adequately address this crisis is receding."