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.

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

Indonesia sees sharp decline in renewable energy investment -0
Terapung Cirata floating solar power plant on a reservoir in West Java province, Indonesia. (Photo: kompas.id)

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

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

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

Experts also pointed out other obstacles, such as the oversupply situation in the Java-Madura-Bali power grid, making it more challenging to sell renewable energy in this region. Unfavourable power purchase agreement terms have also diminished the payment capabilities of these projects./.

VNA

World

RoK pins high hope on FTA with Philippines
World

RoK pins high hope on FTA with Philippines

The Republic of Korea (RoK)'s Minister of of Trade, Industry and Energy Cheong In-kyo on December 26 said that the RoK-Philippines free trade agreement (FTA), set to take effect next week, will help the country further bolster its trade portfolio and contribute to maintaining a stable supply chain.

Philippines intensifies crackdown on illegal gamers
World

Philippines intensifies crackdown on illegal gamers

Philippine President Ferdinand Romualdez Marcos on December 12 ordered the police and law enforcement agencies to intensify the crackdown on illegal gaming and cyber cam hubs that continue to operate despite the ban, which will take effect by the end of December, the Presidential Communications Office (PCO) said.

Malaysia eyes to become global medtech hub
World

Malaysia eyes to become global medtech hub

Malaysia is on track to become a global medical technology (medtech) hub with its strong policies in attracting and executing the right investments, including the New Industrial Master Plan 2030 (NIMP 2030), said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Southeast Asia poised to become global AI hub
World

Southeast Asia poised to become global AI hub

In the first half of 2024, Southeast Asia (SEA) attracted over 30 billion USD in artificial intelligence (AI) infrastructure investments, according to the 2024 e-Conomy SEA Report from Google, Temasek, and Bain & Company.

Trends drive job openings in Thailand
World

Trends drive job openings in Thailand

Thailand reported 414,000 unemployed people in the third quarter this year, up from 401,000 year-on-year, according to the National Economic and Social Development Council (NESDC).