World Bank Approves $1.14 Clean Energy Project in East Indonesia

WORLD BANK - JAKARTA. The World Bank said on Tuesday it has approved a $1.14 billion project to expand access to cleaner electricity in eastern Indonesia, for which it will provide $500 million in financial support.

The programme will connect about 2 million people to the electrical grid, increase solar power investment and help Indonesia's state utility Perusahaan Listrik Negara (PLN) to improve its capacity to manage energy transition, the World Bank said in a statement.

It will be co-funded by the World Bank, the private sector and PLN and includes funding from Canada Clean Energy and Forest Climate Facility and the Clean Technology Fund.

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The project "will mobilise private sector finance for Indonesia's energy transition and help communities adapt to climate change," World Bank Vice President for East Asia and the Pacific, Manuela V. Ferro, said in a statement.

Indonesia, which uses coal for most of its electricity, aims to slash emissions by 32% by 2030 and reach net-zero emissions by 2060.