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Indonesia deploys investment plan for 20 bln USD energy transition pact

Indonesia on November 21 launched an investment plan to attract 20 billion USD pledged by the US and Japan in a renewable energy transition pact agreed last year for the archipelago to slash emissions and wean itself off coal.
Indonesia deploys investment plan for 20 bln USD energy transition pact ảnh 1Indonesia deploys investment plan for 20 bln USD energy transition pact (Photo:sg.finance.yahoo.com)

Jakarta (VNA) – Indonesia on November 21launched an investment plan to attract 20 billion USD pledged by the US andJapan in a renewable energy transition pact agreed last year for thearchipelago to slash emissions and wean itself off coal.

The roadmap, which comes less than two weeks beforethe COP28 summit in Dubai, outlines Jakarta's vision to reach net-zero powersector emissions by 2050 using cash from the Just Energy Transition Partnership(JETP).

Under the Comprehensive Investment and Policy Plan(CIPP), the Southeast Asian nation will seek to slash its carbon dioxideemissions to 250 million tonnes for its on-grid power sector by 2030. Thatis down from a previous cap of 290 million.

Indonesian Minister of Maritime and InvestmentsErick Thohir said the CIPP provides a strategic roadmap for the ambitiousenergy transition in Indonesia by considering challenges including technical,financial, and social justice.

Indonesia also plans to boost its renewable energygeneration share to 44 % by 2030, up from an initial target of 34 %.

According to CIPP, Indonesia will need at least 97.3billion USD worth of investments, nearly five times more than the fundingpromised by the JETP investors, to achieve its target. Of the amount, 66.9billion USD will be spent for 400 projects that need to be launched no laterthan 2030./.

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