Indonesia Secures USD 20 Billion Investment for Renewable Energy Transition
The plan, part of Indonesia's Just Energy Transition Partnership (JETP), aims to cut grid emissions to 250 million metric tonnes of CO2 by 2030.
November 27, 2023. By Abha Rustagi
The plan, part of Indonesia's Just Energy Transition Partnership (JETP), aims to cut grid emissions to 250 million metric tonnes of CO2 by 2030, a substantial reduction from the previous estimate of over 350 million.
Indonesia plans to increase the contribution of renewable energy to its total energy mix to 44 percent by 2030, up from just 12 percent in 2022. Despite being heavily reliant on coal, constituting around 60 percent of the country's electricity, Indonesia's move aligns with global trends favoring less-polluting alternatives.
The funding from the CIPP is crucial for Indonesia's decarbonization efforts, helping it transition away from coal and diversify its energy sources. The country, as the world's largest coal exporter for electricity, acknowledges the need for significant funding to implement renewable energy projects and enhance the grid.
State utility Perusahaan Listrik Negara (PLN) estimates a requirement of USD 172 billion by 2040 for renewable energy projects, including a USD 5 billion investment in developing a smart grid to support variable green energy like wind and solar power.
Indonesia aims to add 32 GW of new capacity as a base load and construct new grids to connect an additional 28 GW of renewable power. The International Renewable Energy Agency (IRENA) emphasizes Indonesia's crucial role in the global energy transition due to its status as the highest energy consumer in the ASEAN region.
The CIPP represents a significant initial step in Indonesia's green transformation, offering the nation the potential to tap into its vast renewable resources and emerge as a key player in clean energy within the region.
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