By
Vietnam News Agency
Sun, June 30, 2024 | 10:52 pm GMT+7
Indonesia’s state-owned oil company, Pertamina has announced that it will invest $6.2 billion over the next five years to expand its renewable energy development.
Indonesian energy giant Pertamina is developing its low-carbon business. Photo courtesy of Reuters.
The planned investments will be made through a subsidiary, Pertamina New & Renewable Energy (NRE).
A part of the investment will be used to expand its low-carbon electricity generation capacity to 6 GW from 2.6 GW, and to support clean hydrogen, bioethanol and electric vehicle batteries.
The NRE eyes to produce 7,000 tonnes of clean hydrogen each year by 2029.
Pertamina is a “strong arm” of the Indonesian government in realising the country’s ambition of carbon neutrality by 2060 or sooner.