Indonesia’s energy sector receives 30 billion USD in investment in 2023
Investments in Indonesia's energy and mineral resources sector increased by 11%, reaching 471 trillion IDR (30.3 billion USD), compared to the 27 billion USD reported in 2022, according to Indonesia’s Energy and Mineral Resources (ESDM) Minister Arifin Tasrif.
Jakarta (VNA) - Investments in Indonesia's energy and mineral resources sector increase🍒d by 11%, reaching 471 trillion IDR (30.3 billion USD), compared to the 27 billion USD reported in 2022, according to Indonesia’s Energy and Mineral Resources (ESDM) Minister Arifin Tasrif.
The oil and gas sector still receive the biggest share of investment with 15.6 billion USD, followed by the mineral and coal industry with 7.46 billion USD, he said.
The electricity industry absorbed 5.8 billion USD, and the new and renewable energy sector (EBT), 1.5 billion USD.
The proportion of new and renewable energy reached 13.1% in total energy output by the end of 2023, equivalent to 238.1 million barrels of oil equivalent. However, more efforts are needed to attain the 23% target set for 2025, the official said.
The ministry has put forward several measures to increase the renewable energy mix, including the conversion of diesel power plants to EBT and the implementation of the rooftop solar panel programme, aiming for a capacity of 3.6 GW by 2025, Arifin noted.
It has continued to run the mandatory B35 biodiesel programme, provide renewable energy access in remote locations, promote biomass co-firing in coal-powered power plants, and conduct geothermal exploration.
The installed capacity of EBT power plants reached 13,155 MW in 2023 with an additional potential capacity of 539.52 MW. Hydropower emerged as the largest contributor with a capacity of 6,784.2 MW, followed by bioenergy power plants at 3,195.4 MW, geothermal power ꦿplants at 2,417.7 MW, and rooftop solar power plants at 573.8 MW.
The ministry aims to raise EBT power plant capacity to 13,886 MW by 2024, Arifin said./.
The Indonesian government is optimistic that the country will achieve its target of 5.1–5.7% economic growth in 2024 amid the projected global economic slowdown.
Indonesia’s imports from China reached 62.18 billion USD in 2023, accounting for 28.02% of total imports or 221.189 billion USD and down 7.41% compared to 2022, the country’s Statistics Bureau (BPS) has reported.
The Indonesian Ministry of Energy and Mineral Resources targets to use a budget of 186.9 trillion IDR (12 billion USD) for 2024 energy subsidies, said Minister Arifin Tasrif.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Illustrative image. (Photo: VNA) 
