Indonesia’s Pertamina announces $6.2 billion clean energy investment

Indonesian state-owned oil company Pertamina announced it will invest $6.2 billion over the next five years to boost renewable energy development.

The planned investments will be implemented through the subsidiary Pertamina New & Renewable Energy (NRE).

Part of the investment will be allocated to expanding low-emission electricity generation capacity to 6 GW from 2.6 GW and supporting clean hydrogen, bioethanol and electric vehicle batteries.

NRE plans to produce 7,000 tons of clean hydrogen per year by 2029.

Pertamina is the Indonesian government’s “strong hand” in achieving the country’s ambition to achieve carbon neutrality by 2060 or earlier.