Indonesia launchesUSD 20 bn renewable energy investment plan: Under its Just Energy Transition Partnership (JETP), Indonesia has launched a USD 20 bn green investment strategy, Reuters reports. The investment proposal — dubbed the Comprehensive Investment and Policy Plan (CIPP) — indicated that investments worth USD 97.3 bn were required to achieve Indonesia’s green targets, including USD 66.9 bn for 400 projects which are essential to start by 2030 at the latest. The policy plan is supported by global lenders, primarily the US and Japan, and half of the funds pledged would come from private financing, according to Reuters.

What are Indonesia’s targets? Through its JETP program, Indonesia plans to cut its carbon emissions for its on-grid power sector by 100 mn metric tons by 2023, reaching 250 mn tons, the newswire said. It also aims to increase the portion of renewable energy in its power generation to 44% by the end of the decade, up from around 12% last year. Currently one of the biggest greenhouse gas emitters globally, Indonesia plansto generate 31.6 GW from renewables by 2033, courtesy of its state-owned electricity company PT Perusahaan Listrik Negara.

Hyundai opens high-tech EV plant in Singapore: South Korean automaker Hyundai Motor Group has inaugurated a seven-floor smart EV manufacturing hub in Singapore with a capacity to manufacture up to 30k EVs a year, Bloomberg reported, citing a company statement. The Hyundai Motor Group Innovation Center Singapore will use robotics and AI technology to transform the company’s production, R&D, and customer service. The company has already started manufacturing its Ioniq 5 EV at the smart hub earlier this year, and plans to begin building its Ioniq 6 on-site in 2024.

Key features: TheEV center does away with typical assembly lines, replacing the conventional conveyor belt with a “cell-based production system” that integrates robotics instead. About 200 robots are operating on aspects like assembly and inspection. The building also has a 618 meter rooftop with a track for test driving vehicles.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Japan and Malaysia partner on CCUS: Japan Petroleum Exploration Co, JGC Holdings Corp, Kawasaki Kisen Kaisha, and Malaysia’s Petronas have agreed to launch a carbon capture, usage, and storage plant at depleted oil and gas fields off the coast of Malaysia. The project will kick off operations by the end of 2028 with an initial 2 mn sequestration capacity, with plans to later scale up storage to 5 mn tons by the end of the decade before doubling capacity by the early 2030s. (Reuters)
  • Canada is going big on carbon capture and renewables: Canada plans to launch USD 20 bn subsidies over five years for national carbon capture and renewables projects following warnings by industry lobbies that USD 36 bn worth of investments in these sectors could be in jeopardy if the government did not act. (Reuters)
  • Fortescue boosts its green portfolio: Australia's mining giant Fortescue approved USD 750 mn total investments over the next 3 years for 2 green energy projects and one green steel project. The company will also accelerate its projects in Brazil, Kenya and Norway. (Reuters)
  • The IFC invests in e-buses for the first time: The International Financial Corporation (IFC) is investing up to USD 127 mn in its first electric buses (e-buses) project to boost the sustainability and reduce the emissions of Chile’s mass transport systems. It will also mobilize USD 217 mn equivalent in parallel loans by IDB Invest and BancoEstado for Santiago's public transit system to replace the existing diesel bus fleet with 992 e-buses. (Statement)
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