At the 29th UN Climate Change Conference (COP29) in Baku, Azerbaijan, Indonesia’s government announced an ambitious $235 billion investment plan aimed at developing 100 gigawatts (GW) of renewable energy by 2040.
Hashim S. Djojohadikusumo, head of the Indonesian delegation at COP29, revealed the program’s scope, stating, “This is a very large investment program, set to span the next 15 years, amounting to US$235 billion.”
The plan includes building new electricity capacity, with 75% of this coming from renewable sources such as geothermal, hydropower, and nuclear energy. “We will establish a nuclear power center, and all of this will be executed over the next 15 years,” Djojohadikusumo explained, describing the initiative as a “massive program.”
In addition to renewable energy expansion, Indonesia is committed to implementing innovative projects like carbon capture and storage (CCS). Djojohadikusumo noted that several multinational companies have expressed interest in investing in carbon storage technologies.
He also acknowledged that financing for the plan would not be solely reliant on the state budget. “We know the state budget is limited, so we will actively engage with potential partners to participate in this endeavor,” he said.
Highlighting Indonesia’s unique advantage, Djojohadikusumo pointed out the country’s significant carbon storage potential. “Indonesia has vast underground layers that can store massive amounts of carbon. The government estimates the potential at 500 gigatons, positioning Indonesia as a global leader in carbon storage,” he said, emphasizing the potential for international cooperation in this field.