Renewable Energy Investment Down in 2023, Oil and Gas and Mining Up

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Adi Ahdiat 24/01/2024 16:03 WIB

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Investment realization in Indonesia's new and renewable energy (NRE) sector declined in 2023. Conversely, investment in oil and gas (O&G) and minerals and coal (minerba) increased.

Investment Realization in Indonesia's Oil and Gas, Mining, and New and Renewable Energy Sectors (2017-2023)

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Investment Realization in Indonesia's Oil and Gas, Mining, and New and Renewable Energy Sectors (2017-2023)

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Investment in Indonesia's renewable energy sector (EBT) decreased in 2023. Conversely, investment in oil and gas (migas) and minerals and coal (minerba) increased.

According to the Ministry of Energy and Mineral Resources (ESDM), 2023 EBT investment realization was only US$1.5 billion, a decrease of approximately 6% compared to 2022 (year-on-year/yoy).

This figure is significantly lower than the 7% yoy increase in migas investment to US$14.9 billion, and the 31% yoy surge in minerba investment to US$7.5 billion.

According to the Institute for Essential Services Reform (IESR), this EBT investment figure is also very small compared to projected needs.

IESR estimates that to achieve the 23% EBT mix target by 2025, Indonesia ideally needs an average annual EBT investment realization of US$8 billion.

"Investment is crucial for achieving energy transition goals. However, Indonesia faces challenges in mobilizing investment," wrote the IESR team in their *Indonesia Energy Transition Outlook 2023* report.

According to IESR, several factors hinder the growth of EBT investment in Indonesia, including inconsistent regulations, land acquisition issues, and licensing obstacles.

Note: The data in this article has been updated on February 3, 2025, to reflect updated data from the Ministry of ESDM.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Renewable Energy Investment Down in 2023, Oil and Gas and Mining Up

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