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G20 attracts new EV investment to Indonesia
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Green car: An official charges an electric car after the launch of the first public electric vehicle (EV) charging station, which would be used for EVs transporting world leaders during the Group of 20 summit in Nusa Dua, Bali. (AFP/Sonny Tumbelaka)
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ndonesia has attracted new investment into the electric vehicle (EV) sector, coinciding with the Group of G20 forum, where global leaders and businesses agreed on commitments to lower carbon emissions.
Indonesia Investment Authority (INA), Contemporary Amperex Technology Co. Ltd. (CATL) and CMB International Capital Corporation Ltd. (CMBI) signed a memorandum of understanding (MoU) on Monday to establish a Green Fund, which they will jointly invest in.
The fund, which is expected to grow up to US$2 billion, will focus on EV value chain investment primarily in Indonesia from downstream to upstream.
“Electrification is an attractive solution for conventional energy in helping to reduce the environmental impact while also tapping into a potential growth market,” INA CEO Ridha Wirakusumah said in a statement.
In addition, Chinese conglomerate Envision Energy is set to enter Indonesia’s EV battery industry, particularly in the area of raw materials, the Investment Ministry said on Wednesday.
“This is will be other collaboration with national companies,” Investment Minister Bahlil Lahadalia told reporters in Bali, adding that it would bring the country closer to becoming one of the world’s most prominent EV battery players.
Read also: B20 wraps up with deals on green energy, EV
