World

Indonesia sees sharp decline in renewable energy investment

Indonesia's investment in renewable energy projects in 2023 is forecasted to reach its lowest level in the past six years, despite the nation's goal to reduce carbon emissions in its power sector.
Indonesia sees sharp decline in renewable energy investment ảnh 1Terapung Cirata floating solar power plant on a reservoir in West Java province, Indonesia. (Photo: kompas.id)
Hanoi (VNA) - Indonesia's investment inrenewable energy projects in 2023 is forecasted to reach its lowest level inthe past six years, despite the nation's goal to reduce carbon emissions in itspower sector.

According to the Indonesian Ministry of Energy and MineralResources (ESDM), as of the end of November, Indonesia has only attracted 1.17billion USD worth of investment in new and renewable energy, equivalent to 65%of the 1.8 billion USD target set for this year.

This year's target is predicted to be unattainable, even after the Indonesian Governmentrevised it down from the initial goal of 3.91 billion USD.

Fabby Tumiwa, Head of the Institute for EssentialServices Reform (IESR), stated that this year's figure is expected to be thelowest since 2017, partly due to the lack of renewable energy projectsauctioned off in the past two years, while deployment has slowed since 2020.

Indonesia has also aimed to promote rooftop solar energyprojects with a target capacity of 2.14 GW by 2030. However, as of May, thistarget has only reached 95 MW.

Experts also pointed out other obstacles, such as theoversupply situation in the Java-Madura-Bali power grid, making it morechallenging to sell renewable energy in this region. Unfavourable power purchaseagreement terms have also diminished the payment capabilities of theseprojects./.
VNA
#Indonesia#investment in renewable energy projects#lowest level#reduce carbon emissions#vietnam news agency#vietnamplus
Follow VietnamPlus

Related News

Indonesia prepares 1 mln hectares to construct sugar factories

Indonesia prepares 1 mln hectares to construct sugar factories

The Indonesian Government is preparing 1 million hectares of land in Papua for investors interested in building sugar factories, with a view to helping the country achieve sugar self-sufficiency, Agriculture Minister Andi Amran Sulaiman said on December 12.
Indonesia relaxes tax rules on EV imports

Indonesia relaxes tax rules on EV imports

In a bid to attract more investment to the electric vehicle (EV) sector, the Indonesian government has announced new regulations offering tax incentives to automakers planning to establish EV plants.
ADB supports Indonesia in building new capital

ADB supports Indonesia in building new capital

Indonesia has received technical assistance from the Asian Development Bank (ADB) worth 37.22 billion Rp (2.4 million USD) to help develop its new capital city Nusantara in North Penajam Paser, East Kalimantan.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.