Jakarta hopes a new financing mechanism can help Indonesia reach net zero ahead of schedule. According to @NikkeiAsia, the Asian Development Bank would bring outside investment to pay for the purchase and decommissioning of coal plants, and their replacement with renewable sources. [Indonesia's new SOE scheme puts focus on coal phasedown- Nikkey]
The country hopes to retire half of its coal plants in the next 15 years and to reach net zero by 2060, thanks in part to potentially “the largest carbon reduction model in the world,” in the words of the ADB’s Ashok Lavasa. Indonesia is using its state-owned utility companies to drive the program forward — utilities which had previously been an obstacle, because they were tied into long-term purchase agreements, Nikkei reports. Clean energy investment worldwide is expected to go up by about 50% to $2 trillion by 2030: the International Energy Agency says that fears over energy security, rather than climate change, are driving the increase.
