The Urgency of Green Financing for New and Renewable Energy Sources in

Indonesia

Currently, economic development in Indonesia largely relies on the utilization of

conventional energy sources based on natural resources. Indonesia's economic
development, which is heavily dependent on natural resource utilization, is due to the
relatively abundant natural resources compared to other countries. Petroleum, natural
gas, coal, tin, gold, and other natural resources are abundant in Indonesia. This has
led to the neglect of environmental protection and conservation, resulting in various
environmental problems such as water and/or air pollution, soil degradation, damage
caused by forest fires, agricultural law conversion, and others (Arsyiprameswari et al.,
2021).
Furthermore, a study conducted by Giljum et al. (2022) revealed that Indonesia
experienced the highest tropical forest destruction due to the mining industry globally,
contributing 58.2 percent of deforestation among 26 countries studied. Tropical
deforestation from the mining industry in Indonesia peaked during the 2010–2014
period and continues to this day. Such conditions ultimately lead to the declining
productivity of natural resources and the environment, prompting the emergence of
poverty pockets among communities whose livelihoods depend on these natural
resources and the environment (Rodiyah et al., 2023).
Another impact of using fossil energy sources is its significant contribution to
environmental degradation (22.6%) in Indonesia (Bashir et al., 2021; Moslehpour et
al., 2023). A study conducted by Tiawon & Miar (2023) shows that as Indonesia’s GDP
grows, it correlates with increased energy consumption, primarily sourced from fossil
fuels, which is also accompanied by a rise in CO2 emissions.
Indonesia has signed a contract agreement as part of the Nationally
Determined Contribution to the United Nations Framework Convention on Climate
Change, pledging to reduce gas emissions by 26% by 2030. Of course, international
financial assistance, technology transfer, and capacity building are necessary to
reduce greenhouse effects. Resources such as wind energy, geothermal energy, and
solar energy must be utilized as alternative energy sources in this regard. Therefore,
these renewable energy sources are now receiving increased attention (Tiawon &
Miar, 2023).
In 2010, 194 countries established the Green Climate Fund (GCF) to provide
financial support for global greenhouse gas emission mitigation efforts (Amoah et al.,
2022; Cui & Huang, 2018). The primary goal of this funding is to promote and facilitate
green finance initiatives and raise awareness of the concept globally. Since its
inception, the principles of GCF and green finance in general have been discussed in
various forums, including G-8 and G-20 summits, as well as the United Nations
General Assembly (Frimpong et al., 2022). Additionally, sustainable private financing,
also known as green finance, has been recognized as an integral part of the
Sustainable Development Goals (SDGs) and the UN agenda (Li et al., 2023).
 To this day, the definition of green finance remains unclear and is often mixed
with climate finance. It is often difficult to distinguish between green finance and
climate finance (Zhang et al., 2019). According to IFC (2016), green finance is defined
as “the financing of investments that provide environmental benefits,” whereas green
finance, as proposed and defined by UNFCCC, is “local, national, or transnational
financing drawn from public, private, and alternative sources of financing; aimed at
supporting mitigation and adaptation actions that address climate change.” Although
the definitions differ slightly, the essence of both terms is financing tools to address
climate change and other sustainability issues (Zhang et al., 2019).
Lindenberg (2014) elaborates and formulates that there are three main aspects
that stand out in the category of green finance:
1. Financing of public and private green investments in areas such as water
management (e.g., dams) and biodiversity protection (e.g., landscapes), or in the
prevention, minimization, and compensation of ecological damage (e.g., energy
efficiency or infrastructure). This financing includes project preparation costs and
capital costs;

2. Financing of environmentally-friendly public policies that encourage the

implementation of mitigation or adaptation projects and initiatives for environmental
and ecological damage (and their operational costs). This may include measures such
as feed-in tariffs designed to incentivize the use of renewable energy sources;

3. Financing that contributes to the development of green financial systems that

encourage, for instance, environmentally-friendly investments (e.g., the Green Climate
Fund or financial instruments for green investments such as green bonds and
structured green funds) and their specific legal, economic, and institutional framework
conditions.

Figure 1. The Three Main Aspects of Green Financing (Lindenberg, 2014)

 The types of green investments (Lindenberg, 2014) can be seen in the image
below:

Figure 2. Types of Green Investments (Lindenberg, 2014)

Maximizing the use of green finance clearly has the capacity to contribute to
economic inclusion. This is because both green finance and inclusive economies are
heavily focused on enhancing economic sustainability (Niekerk, 2024). The
contributions of green finance to inclusive growth are as follows (Ozili, 2022):

1. Job Creation
By supporting investments in renewable energy, energy efficiency,
sustainable agriculture, and other eco-friendly sectors, green finance can create new
job opportunities, particularly for those in marginalized groups (e.g., entry-level), and
generate entrepreneurial prospects for innovators and small business owners.
2. Access to Clean Energy

By improving living standards, green finance can facilitate access to

affordable and clean energy sources for underserved communities. It can also
increase economic opportunities by enabling small businesses to operate more
efficiently.
3. Financial Inclusion

By providing access to financial services, such as affordable loans and

microcredit for individuals and businesses involved in eco-friendly activities, green
finance can merge financial inclusion with green investments by enabling them to
invest in sustainable projects and grow their businesses—even on a small scale.

4. Community Development
 By building eco-friendly infrastructure, revitalizing urban areas, and improving
access to clean water and sanitation, green projects enhance local living conditions
and create economic opportunities (e.g., recycling projects).

5. Sustainable Agriculture
In addition to increasing crop yields and rural incomes, access to green
finance, knowledge, and technology for sustainable farming methods can also improve
food security. This will empower and significantly benefit small-scale farmers.

6. Access to Eco-Friendly Technology

Funding can be provided through green finance to offer resources for poor
households to adopt eco-friendly technologies, such as solar panels and energy-
efficient appliances. Access to such technologies can reduce energy costs, improve
household welfare, and even involve technology in innovative solutions to ecological
challenges.
7. Access to Green Markets
By supporting the integration of disadvantaged communities into green
supply chains and markets (e.g., renewable energy, regenerative agriculture,
ecotourism, and eco-friendly products), green finance can expand economic
opportunities for producers in remote or impoverished areas. For instance, medicinal
plants known in the region may unlock hidden economic potential. Green finance can
provide funding for research laboratories and start-up businesses that benefit the
entire community.

Renewable energy projects, one of the main targets of green finance, face
several challenges when applied in Indonesia. The challenges include the following
(ADB, 2019):

1. Low tariffs, making renewable energy investments unprofitable in many

cases.
2. High loan interest rates, further reducing the returns from capital-intensive
renewable energy investments.

3. High collateral requirements and a lack of project financing, making it difficult

to raise debt financing for renewable energy investments.
4. Small- and medium-scale projects increase project development and
transaction costs, as well as investment cost-related risks, creating challenges in
producing high-quality project development work, which reduces options for financial
structuring.
5. Limited capacity among project developers (both technical and financial) and
financial institutions (technical), making it difficult to develop high-quality projects by
developers and to evaluate and structure financing by funders.
 6. Local content requirements make project design costlier.
7. Uncertainty regarding requirements, timelines, and outcomes of permitting
and licensing procedures creates high risks for project developers.
Renewable energy development projects, as relatively new investment
ventures in Indonesia, are not easily accessible for industry players or investors to
secure financing. This creates a financing gap, which Sachs et al. (2019) propose
could be filled by:

1. Focusing on Sustainable Development of Green Banks

Green banks will offer better credit terms for eco-friendly energy initiatives,
be more capable of consolidating small projects to achieve commercial scale, improve
capacity for green financial product innovation, and expand their market by promoting
the benefits of clean energy.
2. Green Central Banks

With full responsibility for financial and macroeconomic stability, central banks
should be fully engaged in addressing climate-related and other environmental risks
at a systemic level. They should help develop green financial models and, at the policy
level, address environmental risks and promote sustainable finance.
3. Non-Bank Financial Institutions

Institutional investors such as pension funds and insurance companies are

well-positioned to direct corporate capital allocation toward more sustainable efforts.
They have long-term financial resources suited for investing in green infrastructure
and are the largest suppliers of capital to publicly traded companies.

4. New Financial Technology

Fintech can open new opportunities in green finance by leveraging blockchain
applications for sustainable development. This includes blockchain use cases for
renewable energy, decentralized electricity markets, carbon credits, and climate
financing, as well as innovations in financial instruments like green bonds.
5. Providing More Incentives for Inclusive Growth to Accelerate Collective
Change
In this way, investors and disadvantaged communities can take shared
responsibility for the environment and collaborate on mutually beneficial solutions
(higher returns and income growth).
The renewable energy business in Indonesia has a promising future. This is
evident from the shift of major energy companies in Indonesia from conventional
energy to new and renewable energy. PT Adaro Energy Indonesia Tbk (Adaro) is
diversifying its business through the development of new power plants based on
renewable energy (EBT). This was marked by the construction of the Tanah Laut Bayu
Wind Power Plant (PLTB) in South Kalimantan with a capacity of 70 MW. In this
project, Adaro, through its subsidiary PT Adaro Power, partnered with Total Eren (Putri,
2023). Additionally, Adaro is also working on the Mentarang Induk Hydroelectric Power
Plant (PLTA) project with a capacity of 1,375 MW (Mardiansyah, 2024).

The Barito Pacific Group has also begun expanding its business towards
renewable energy through its subsidiary PT Barito Renewables Energy Tbk (BREN).
BREN focuses on a long-term strategy to provide cleaner and lower-emission energy
and support Indonesia's target of transitioning to Net Zero Emission (NZE). The
company began operations through one of its subsidiaries, Star Energy Geothermal
Group, a leading geothermal electricity producer. Currently, the company operates
three geothermal assets located in West Java, with a total installed capacity of 886
MW, representing around 38% of the market share in Indonesia (BREN, 2024).
The outlook for renewable energy business stocks is very positive. This is
marked by strong investor interest in companies involved in renewable energy. The
stock of PT Pertamina Geothermal Energy Tbk (PGEO) has recorded a price increase
of up to 65.87% (CNBC, 2023). More phenomenally, the stock price of PT Barito
Renewables Energy Tbk (BREN) saw a significant surge, rising by 1,137.17% from its
IPO price of IDR 780 per share. This surge made BREN the company with the largest
market capitalization on the Indonesia Stock Exchange (IDX) (Mulyana, 2024).
Beyond the fundamental ratio analysis of BREN, the renewable energy business is
becoming increasingly popular among young investors, especially those under the age
of 30. According to data from the Indonesia Central Securities Depository (KSEI) in
August 2023, 57% of retail investors on the exchange are young. The consumption
patterns of young investors tend to be more environmentally conscious compared to
previous generations. Modern Indonesian society now gives special recognition to
green energy companies and sectors (Frensidy, 2024).
Conclusion

Green financing is the financing of investments that provide positive

environmental benefits by considering environmental factors in lending decisions to
encourage environmentally responsible investments. There are three main aspects
that stand out in green financing: green investment financing, environmentally friendly
public policy financing, and financing that contributes to the development of green
financial systems.
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