Indonesia wealth funds to double down on energy transition

CEO of Indonesia Investment Authority (INA) Ridha Wirakusumah said renewable energy projects currently make up 12% of its USD 4 billion investment portfolio. INA is aiming to increase that proportion to between 15% and 20% by the end of 2025.  

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"Investment in renewable energy and the area of nature-based solutions, as well as electric vehicles, is important," Wirakusumah told Nikkei Asia on the sidelines of the FT & Nikkei Energy Transition Summit: Asia in Jakarta. 

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Established in 2021 under President Joko Widodo, INA's goal is to attract foreign investment to a range of priority projects in Southeast Asia's largest economy. It has so far invested in infrastructure, logistics, and health care, among other sectors, along with investment partners including U.S. asset manager BlackRock and China's Silk Road Fund.

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Wirakusumah said INA is also exploring opportunities to invest more in the EV supply chain, "particularly the midstream" segment, referring to the processing of critical minerals for the development of EV batteries.