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Australia will provide $50 million in climate funding to Indonesia’s small and medium enterprises (SMEs) as well as startups for energy transition, according to Australian Prime Minister Anthony Albanese.

The World Bank said on June 27 it had approved a $1.14 billion project to expand access to cleaner electricity in Indonesia, for which it will provide $500 million in financial support.

Indonesia projects to initiate its carbon exchange in September, with power generation companies the first to trade on it.

Indonesia could reach net-zero emissions by 2055, five years ahead of the government’s goal of 2060, if it receives financial and technology support, Indonesia’s Coordinating Minister for Maritime and Investment Affairs Luhut Pandjaitan said on Tuesday.

Indonesia’s Energy and Mineral Resources (ESDM) Ministry has revealed that the use of new and renewable energy (EBT) in 2022 reached 300 MW.

Perusahaan Listrik Negara (PLN), Indonesia’s state utility company, seeks a $700-million investment to deploy a 200 MW solar panel that will replace diesel power generators to reduce carbon emissions, the company announced on May 27.

The Indonesia Carbon Capture and Storage Center (ICCSC) was established on May 30 with hopes to help propel the country’s agenda to become a regional hub for carbon capture storage (CCS) solution.

Indonesia’s financial regulator said on May 5 that the government plans to launch a carbon exchange in the second half of this year, as part of efforts to boost renewable energy use and achieve net-zero emissions by 2060.

Indonesia's efforts to decarbonize the country's power generation sector took a significant step forward on Feb. 22 when the government initiated the first phase of mandatory carbon trading for coal-fired power plants.

Indonesia is one of the world's leading coal producers. Nonetheless, it has pledged to cut back on its usage of fossil fuels in the near future.

Last year, Indonesia signed five agreements to cut its carbon emissions. Among these was the $20 billion Ju