Targets 19-21% renewable energy by 2030, aided by US$20 bil climate finance dealFor decades, Indonesia's energy landscape has been dominated by coal, a fossil fuel that currently accounts for a staggering 60% of the nation's energy mix. However, a shift is on the horizon, driven by the urgency of addressing climate change and the immense potential of solar energy in the world's largest archipelagic state.
"The urgency to do something about climate change is clear, especially in Southeast Asia," says Helen Wong, Managing Partner at AC Ventures."Looking at Indonesia specifically, part of the problem is that there has historically been an overinvestment in coal, which has resulted in a surplus of cheap electricity."However, realizing Indonesia's solar energy potential is not without its challenges.
Despite these obstacles, investors like AC Ventures see immense potential in Indonesia's solar energy market. Wong notes that the firm often encounters new ventures in three distinct categories: utility-scale projects, which require substantial capital expenditure; commercial and industrial subsectors, where companies can build or lease on-site renewable power plants for self-consumption; and residential projects, which are currently harder to scale.
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