PLN’s chief executive Zulkifli Zainai and Ramesh Subramaniam, ADB director-general for Southeast Asia, signed the non-binding agreement at COP26.
“We are proud to join with PLN to help Indonesia make this important transition from carbon-heavy energy to clean energy,” said ADB vice-president Ahmed Saeed. “ADB stands ready with our partners in Indonesia to support a transition toward renewable energy that is also reliable and affordable.”
Last month (October 2021), ADB raised its goal for cumulative climate financing to $100 billion from 2019 to 2030. The multilateral expects the combined climate financing from its own resources to reach about $17 billion from 2019-2030.
Indonesia aims to achieve net-zero emissions by 2060 or earlier.
Additionally, Indonesia is collaborating with ADB on the Energy Transition Mechanism (ETM), along with the Philippines and Vietnam. ETM aims to finance the early closure of coal-fired power stations and replace them with renewable sources of energy.
