ADB to provide $500 mln loan for Indonesia's energy transition
The Asian Development Bank (ADB) on Friday announced that it has approved a policy-based loan of $500 million to accelerate Indonesia's transition towards sustainable and clean energy.
The headquarters of Asian Development Bank (ADB) in the Philippines. Photo courtesy of the bank.
The programme focuses on establishing a robust policy and regulatory framework for clean energy transition, strengthening sector governance and financial sustainability, the bank said in a statement.
It includes the development of investment and policy plans supported by the Just Energy Transition Partnership (JETP) and improvements for scaling up renewable energy capacity.
Along with the ADB, the programme also receives funding from the French Development Agency (AFD) and Germany’s KfW Development Bank.
Indonesia is at a critical juncture in its energy transition journey, said Jiro Tominaga, ADB's country director for Indonesia, adding the loan will support Jakarta's efforts to accelerate its shift towards sustainable and clean energy.
With the goal of achieving net-zero emissions by 2060, Indonesia has been trying to reduce the use of coal in its energy sector with financial support from the G7's Just Energy Transition Partnership (JETP), but disbursement of funds has been slow.
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