For Asia to decarbonise, it must look to Indonesia. As the third-largest producer of coal on the planet, the nation emits close to 2 per cent of global emissions.
While the past two years have seen some pledges from the government to phase out fossil fuel plants, few concrete steps have been taken. Instead, Indonesia has lowered its 2025 renewable energy targets and continues to expand its fleet of coal plants.
With fossil fuels accounting for around 80 per cent of the country’s electricity generation, the nation will need at least US$2.4 trillion in cumulative investments across the energy system by 2050. Coal plants need to be phased out by the same year, for the nation to achieve its 2060 net zero goal.
With the country’s energy transition requiring large investments into renewable energy and the phasing out of fossil fuels, real economy challenges must also be addressed to minimise potential job and income losses, as well as stranded assets.
How can the country channel more financing into its own energy transition? Can it accelerate the phase out of coal plants while protecting biodiversity, natural resources, and livelihoods? What will the new political leadership mean for Indonesia’s net zero journey?
Unlocking capital for sustainability 2024: Indonesia will convene leaders and decision-makers to discuss developments in the country’s energy transition journey, and the challenges they must navigate in the years ahead.
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