MENDANAI UNTUK MENUNDA

The report identifies a systemic link between Indonesia's coal industry, political elites, and national banks, which continues to fund fossil fuel expansion despite global climate commitments.

• Between 2020 and 2023, financial institutions provided at least Rp163.9 trillion in loans to support coal-related industries in Indonesia, based on data from six of the country's largest coal groups.
• Bank Mandiri is the largest financier of the coal industry among the studied groups, providing at least Rp66.9 trillion between 2020 and 2023, followed by Bank Rakyat Indonesia (BRI) with at least Rp23.4 trillion.
• PT Dian Swastatika Sentosa (DSSA), part of the Sinar Mas group, received the highest total funding among the six tracked companies, totaling at least Rp63.4 trillion between 2020 and 2022.
• The report identifies a high concentration of politically exposed persons (PEPs) and individuals linked to tax havens within the coal sector; across seven companies, at least 89 individuals are PEPs and 45 have appeared in Offshore Leaks.
• The report argues that 'regulatory capture' is occurring in Indonesia's energy sector, evidenced by the OJK's revision of the Green Taxonomy to the 'Taxonomy for Sustainable Finance Indonesia' (TKBI) in February 2024, which labels certain coal-fired power plants (PLTU) as 'Green' or 'Transition'.
• The Just Energy Transition Partnership (JETP) is criticized for relying heavily on debt-based financing rather than grants, which may increase Indonesia's fiscal burden and fail to address the decarbonization of off-grid or captive power plants.
• Major coal conglomerates maintain strong political ties: Adaro is linked to the Thohir family (including Minister Erick Thohir), TBS Energi Utama is affiliated with Coordinating Minister Luhut Binsar Panjaitan, and Indika Energy's CEO Arsjad Rasjid holds a leadership role in KADIN.
• The report highlights a contradiction where national banks continue to fund coal projects, such as Bank Mandiri's financing for Adaro's aluminium smelter in North Kalimantan, while international banks are increasingly divesting from the sector.

APA

Aulia, Y., Syahni, M., Amali, Z., Primayogha, E., & Tamara, S. (2024). MENDANAI UNTUK MENUNDA. Trend Asia. https://trendasia.org/wp-content/uploads/2024/07/Mendanai-untuk-Menunda.pdf

Chicago

Aulia, Yassar, Meidella Syahni, Zakki Amali, Egi Primayogha, and Seira Tamara. MENDANAI UNTUK MENUNDA. Trend Asia, 2024. https://trendasia.org/wp-content/uploads/2024/07/Mendanai-untuk-Menunda.pdf.

Wikipedia

{{cite report |last1=Aulia |first1=Yassar |last2=Syahni |first2=Meidella |last3=Amali |first3=Zakki |last4=Primayogha |first4=Egi |last5=Tamara |first5=Seira |title=MENDANAI UNTUK MENUNDA |publisher=Trend Asia |date=June 2024 |url=https://trendasia.org/wp-content/uploads/2024/07/Mendanai-untuk-Menunda.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{aulia2024mendanai, author = {Aulia, Yassar and Syahni, Meidella and Amali, Zakki and Primayogha, Egi and Tamara, Seira}, title = {{MENDANAI UNTUK MENUNDA}}, institution = {Trend Asia}, year = {2024}, month = jun, url = {https://trendasia.org/wp-content/uploads/2024/07/Mendanai-untuk-Menunda.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }