The World Bank announced on Tuesday that it has authorised a $1.14 billion initiative to improve access to cleaner electricity in eastern Indonesia, for which it would contribute $500 million.
According to the World Bank, the plan would link around 2 million people to the electrical grid, stimulate solar power investment, and assist Indonesia's national utility Perusahaan Listrik Negara (PLN) in improving its capacity to manage energy transition.
The World Bank, the private sector, and PLN will co-fund it, as will the Canada Clean Energy and Forest Climate Facility and the Clean Technology Fund.
The project "will mobilise private sector finance for Indonesia's energy transition and assist communities in adapting to climate change," said Manuela V. Ferro, World Bank Vice President for East Asia and the Pacific.
Indonesia, which relies on coal for the majority of its electricity, plans to reduce emissions by 32% by 2030 and achieve net-zero emissions by 2060.
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