This undated photo shows motorcyclists passing by a coal-fired power plant in Banten. (B1 Photo/Ruht Semiono)

JakartaGlobe-Oct 15

Indonesia is urging Norway to expedite a $250 million (Rp 3.9 trillion) investment commitment to accelerate the tropical rainforest country’s decarbonization program as stated in the Just Energy Transition Partnership (JETP). Launched on November 15, 2022, at the G-20 Leaders’ Summit in Bali, the JETP is an agreement aimed at mobilizing an initial $20 billion in public and private financing to decarbonize Indonesia’s energy sector. This initiative utilizes a combination of grants, concessional loans, market-rate loans, guarantees, and private investments. The primary objective is to limit global warming to 1.5 degrees Celsius, in line with global efforts. A part of the JETP funding will be allocated to support the premature closure of coal-fired power plants by 2030. An Indonesian delegation, led by Indonesia’s Ambassador to Norway, Teuku Faizasyah, conducted a four-day business visit to Oslo, Norway, from October 9 to 12 in their efforts to attract Norway’s investments for the development of renewable energy. “The business visit is Indonesia’s initiative aimed at attracting Norwegian investments for the development of renewable energy in Indonesia,” Teuku said on Saturday. Norway has pledged to offer financial support to Indonesia’s JETP. This commitment was declared during the G-20 meetings in Bali in November 2022.

Both countries have established the Bilateral Energy Consultation Forum (FKBE), which facilitates discussions and technology exchange in the field of renewable energy.

Read more at: https://jakartaglobe.id/business/indonesia-urges-norway-to-accelerate-250-million-clean-energy-investment