Indonesia has unveiled its investment plan, Comprehensive Investment and Policy Plan (CIPP), to mobilise $20 billion in financing pledged by global lenders led by the United States and Japan to accelerate its power sector decarbonisation and called for immediate fund disbursement.
Under Indonesia’s Just Energy Transition Partnership (JETP) the country seeks to cut carbon dioxide emissions to 250 million tonnes for its on-grid power sector by 2030. Indonesia also plans to boost its renewable energy generation share to 44 per cent by 2030, up from an initial target of 34 per cent. According to CIPP, Indonesia will need at least $97.3 billion worth of investments, nearly five times more than the funding promised by the JETP investors, to achieve its target. Of the amount, $66.9 billion will be spent for 400 projects that need to be launched no later than 2030.