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Indonesia seeks 8.58 bln USD investment to close coal-fired power plants

Indonesia is seeking 8.58 billion U.S. dollars in investment to shut down a number of coal-fired power plants as the country is currently expediting the transition into green energy.

The country’s coordinating minister for maritime and investment affairs, Luhut Binsar Pandjaitan, said at the Mandiri Investment Forum held virtually on Wednesday that the investment could help retire 5.5 gigawatts of the power plants, which was targeted to be completed by 2030.

In the next stage, from 2030 to 2055, the country would retire 49 gigawatts of coal power plants as an effort to reach net-zero emission by 2060 or earlier, according to the minister.

As one of the world’s top carbon dioxide-emitting countries, Indonesia has been committed to reducing the use of fossil energy and has planned to replace the coal-fired plants with solar, geothermal and wind power, Pandjaitan said.