Indonesia's profuse green energy may reduce current account deficit

Indonesia's profuse green energy may reduce current account deficit

Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan addressed the Bloomberg Forum on New Energy Finance held Shanghai, China, on Wednesday (Dec 4, 2019 (ANTARA/HO Kemenko Kemaritiman dan Investasi)

Only after many years did we realize this potential environmentally friendly energy. If we manage it, it will surely be able to curb Indonesia's current account (deficit). The trade war has made us aware of this potential.
Jakarta (ANTARA) - Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan is optimistic about Indonesia's copious green energy aiding the country to improve its current account deficit.

"It is only after many years that we realize this potential environment-friendly energy. If we manage it, it will surely be able to curb Indonesia's current account (deficit). The trade war has made us aware of this potential," he noted in a written statement released on Thursday.

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Indonesia has green energy that can generate 443,208 megawatts of electricity, he stated at the Bloomberg Forum on New Energy Finance held Shanghai, China, on Wednesday (Dec 4, 2019).

Green energy sources comprise water, wind, and biomass.

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In Papua and Kalimantan alone, water energy can produce 22 thousand megawatts and 11 thousand megawatts of electricity respectively, he pointed out.

Through the management of environment-friendly and cheaper energy, Indonesia is expected to lower its dependence on oil imports, one of the major factors contributing to the country's trade deficit, he explained.

"We hope that the public would increasingly capitalize on the potential. The development of renewable energy can be encouraged by offering cheap technology of lithium batteries," he stated.

Pandjaitan admitted to have twice met Japan Bank of International Cooperation’s (JBIC’s) Governor, Directors and Corporate Auditors, Tadashi Maeda, for discussions on likely cooperation in financing the development of environment-friendly energy.

He also received Vice President of Mitsubishi Heavy Industries Yashushi Fukuzumi on the sidelines of the Bloomberg Forum on New Energy Finance. The meeting discussed the possibility of solar energy development in Indonesia.

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