Indonesia secures funding for green power infrastructure at COP29
Indonesia has attracted EUR1.2 billion ($1.26 billion) worth of green funding for the electricity sector from Germany’s Kreditanstalt für Wiederaufbau (KfW) at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan.
A solar power system in Indonesia. Photo courtesy of Antara.
Under a memorandum of understanding (MoU) signed by Indonesia’s state-owned electricity company PLN and German bank KfW, the funding will be used for the development of green electricity infrastructure toward sustainable national energy self-sufficiency, including the Hydroelectric Power Plant (PLTA) Pumped Storage and transmission connecting to green plants.
Leading a Indonesian delegation to COP29, special envoy of the Indonesian President Hashim Djojohadikusumo stressed that Indonesia is committed to accelerating energy transition.
In the next 15 years, Indonesia's renewable energy generation capacity is targeted to grow by 75% from total electricity capacity additions of 100 gigawatts (GW).
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