Indonesia is about to see the lowest investment realization in renewable energy projects in six years, despite the country’s aim to decarbonize its electricity sector, which experts suggest it is partly because of a lack of discussion to tackle structural and financial barriers.
According to Energy and Mineral Resources Ministry, Indonesia has only attracted US$1.17 billion in new and renewable energy investment as of November, just 65% of the $1.8 billion target set for 2023.
The desired figure is projected to remain unattainable until the end of this year despite the government slashing the target from last year’s $3.91 billion.
Indonesian President Joko Widodo called for international investment in renewable energy during COP28. (Photo: UNclimatechange)
