Indonesia's talks with international partners on setting up a $20 billion fund for the country's transition from coal to cleaner energy have taken longer than anticipated and are complicated by rising borrowing costs, its finance minister said on Thursday.
A coalition of countries led by the United States and Japan in November pledged to mobilise $20 billion of public and private finance to help Indonesia shut coal power plants and bring forward the sector's peak emissions date by seven years to 2030. It was based on a similar $8.5 billion initiative in 2021 to help South Africa more quickly decarbonise its power sector.
Minister Sri Mulyani Indrawati told Reuters in an interview that reaching agreement within the Indonesian government on projects included in the JETP and matching them with the International Partners Group's wishes and funding sources have proven to be challenging. Among the toughest topics under discussion, she said, is how much of the fund will come in the form of grants, which will be combined with loans from private lenders and multilateral institutions, like the World Bank and the Asian Development Bank, to reduce costs.
But Sri Mulyani said she remains hopeful that Indonesia will be able to come up with an investment plan "before the end of this year, or if there's any delay, it won't be too long".
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