Indonesia plans to build 75 gigawatts of renewable energy power plants in the next 15 years, and international investors can participate in the investment and construction. Indonesian climate ambassador Hashim delivered a speech via video call at the United Nations Climate Change Conference held in Baku, the capital of Azerbaijan, on November 11th. He said that the new Indonesian government will promote 100 gigawatts of energy projects in the next 15 years, of which 75% or 75 gigawatts will be renewable energy. Renewable energy projects will include solar, hydro, geothermal, and nuclear energy. Hashim did not explain the plan for the remaining 25 gigawatts. Hashim is the younger brother of Indonesia's newly elected president Prabowo.

Indonesia is one of the world's largest greenhouse gas emitters, and Jakarta has committed to achieving carbon neutrality by 2060, including phasing out coal-fired power generation and replacing it with renewable energy. Indonesia currently has a total installed power generation capacity of over 90 gigawatts, of which more than half relies on coal-fired power generation, with renewable energy accounting for less than 15%. Indonesia currently does not have nuclear power generation. Darmawan Prasodjo, CEO of Indonesia's national power company, issued a statement in Baku stating that the company is designing a new green transmission line with a total length of 70000 kilometers.

Indonesia's third quarter economic growth slows to less than 5%

Factory closures and layoffs have weakened consumer spending, leading to a slowdown in Indonesia's economic growth rate to 4.95% in the third quarter of this year. This highlights the challenges faced by the new president Prabowo. The latest data released by Indonesian statistics on November 5th shows that the gross domestic product in the third quarter increased by 4.95% year-on-year. This is lower than the 5% predicted by 32 economists interviewed by Bloomberg earlier, and also lower than the 5.05% in the second quarter. Prabowo's goal is to increase Indonesia's economic growth rate to 8% within his five-year term. Feng Huilan, a member of the National Economic Commission and former Minister of Trade, said on Tuesday, "We will maintain growth in the short term

She also said that in the medium term, the committee will study how to maintain economic growth by implementing Prabowo's self-sufficiency plan for food and energy, as well as streamlining the budget. On November 5th, Prabowo also announced the list of members of the National Economic Council, mainly senior leaders of previous governments, and the chairman is former Minister of Ocean Affairs and Investment Coordination Luhut. Although Indonesia's economic growth rate ranks among the top in Southeast Asia, cracks in the manufacturing sector could jeopardize employment and consumer spending. Labor intensive industries, especially clothing and footwear, have recently been affected by a sharp decline in overseas demand and the influx of cheap imported goods, leading to continuous reports of factory closures and debt crises.

As of October 2024, the number of layoffs in Indonesia has increased by 31% compared to the same period in 2023

According to data released by the Indonesian Ministry of Human Resources earlier, as of October 2024, the number of layoffs in Indonesia has increased by 31% compared to the same period last year, reaching nearly 60000 people. According to the S&P Global Purchasing Managers' Index, manufacturing activity has shrunk for four consecutive months, making it the longest downturn since 2021. (This article is from the official website of Jian Dao www.seetao.com. Reproduction without permission is prohibited, otherwise it will be prosecuted. Please indicate Jian Dao website+original link when reprinting.) Jian Dao website strategy column editor/Li Xiu'e