Saturday, February 4 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Jan 30
Week of Jan 23
Week of Jan 16
Week of Jan 09
Week of Jan 02
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Intl group led by US, Japan to help Indonesia raise USD 20bn for energy transition

    November 15, 2022 - SeeNews Renewables


      November 15 (Renewables Now) - The government of Indonesia and a group of international partners that includes the European Union (EU) are uniting to help the archipelagic state raise at least USD 20 billion (EUR 19.38bn) under a newly-announced Just Energy Transition Partnership (JETP).

      Indonesia will pursue an accelerated and ambitious just energy transition with the goal of achieving net zero emissions in the power sector by 2050, according to a joint statement on Tuesday.

      The partnership was launched at the G20 Summit, currently taking place in Bali. The group of international partners consists of the governments of Japan, the US, Canada, Denmark, the EU, France, Germany, Italy, Norway, and the UK.

      Over the next six months, Indonesia and this group will work together to establish a concrete plan for investments, financing and technical assistance, and eventually mobilise the aforementioned sum over a three-to-five-year period in the form of grants, concessional and market-rate loans, guarantees, and private investments. The international partner group has committed to raising half of the total amount, with EU members alone expected to contribute some USD 2.5 billion. In particular, the European Investment Bank (EIB) is to provide EUR 1 billion to support the decarbonisation of Indonesia's power system through the development and integration of renewable energy.

      The targets that will be set in the yet-to-be-developed comprehensive investment plan include speeding up local renewables deployment so as to increase the renewable power share in the country to at least 34% by 2030, accelerating the development of a competitive domestic renewables and energy efficiency industry, stepping up the early-retirement of coal-fired power plants and freezing the existing pipeline of coal plant projects.

      “The Just Energy Transition Partnership for Indonesia will chart a roadmap to a greener, cleaner future in the country – and a future full of opportunities for the Indonesian people. They will be the ones reaping the benefits of the transformation of their economy, as Indonesia becomes a renewables hub,” commented Ursula von der Leyen, President of the European Commission.

      (USD 1 = EUR 0.969)


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.