Indonesia wants to add 31.6 GW from renewables by 2033: Indonesia’s state-owned electricity company PT Perusahaan Listrik Negara (PLN) is targeting a 31.6 GW renewable power capacity expansion between 2024 and 2033, CEO Darmawan Prasodjo told Parliament yesterday, according to Reuters. The goal represents 75% of the total power capacity set to be added in that period, while the remaining 25% is expected to be generated from newly added natural gas plants. As part of the strategy, Persero plans to expand its transmission networks to connect the new renewables projects to the grids of the Java and Sulawesi provinces, the newswire notes.

Still some progress to be made in coal phaseout: The new strategy Prasodjo has announced does not seek an accelerated phase out of coal, Reuters notes. While coal currently makes up about 50% of the country’s power mix, Indonesia said it will formally announce plans to expedite its retirement of the high-emitting fuel at COP28.

PLN has some MENA partnerships: Masdar signed an agreement earlier this month with PLN to develop a 500 MW floating solar power park. KSA renewables company Acwa Power signed an MoU with PLN last year to develop a 4 GW battery storage facility and a hydroelectric-powered green hydrogen production facility, as well as two floating solar PV solar projects worth USD 105 mn.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• ESG investments on the rise in the EU: German software company SAP surveyed over 1.7k European firms and found that nine out 10 companies either plan to maintain or increase ESG-linked investments through to 2026. Corporate sustainability strategies, product development, corporate image improvement, and revenue creation are all driving factors for the green finance commitments. (Reuters)