MENDANAI UNTUK MENUNDA

This report by Indonesia Corruption Watch and Trend Asia examines the financial and political networks sustaining the coal industry in Indonesia. It argues that massive funding from national banks and the influence of a small elite group of politically exposed persons (PEPs) are creating 'climate delay,' hindering the transition to clean energy despite international 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 the six largest coal company 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 companies tracked, totaling at least Rp63.4 trillion between 2020 and 2022.
• The coal industry is heavily linked to politically influential individuals; across seven companies, the report identified at least 89 politically exposed persons (PEPs) and 45 individuals listed in the Offshore Leaks.
• The report alleges 'regulatory capture' in the energy sector, specifically citing the OJK's transition from the 'Green Taxonomy' to the 'Taxonomy for Sustainable Finance Indonesia' (TKBI) in February 2024, which allows coal-fired power plants (PLTU) to be labeled as 'Green' (if retiring early) or 'Transition'.
• The Just Energy Transition Partnership (JETP), launched in November 2022 with a $20 billion commitment, is criticized for relying on debt-based financing and failing to address the decarbonization of off-grid or captive PLTUs as of December 2023.
• Major coal conglomerates maintain integrated 'upstream-downstream' operations. For example, Adaro operates massive concessions and the Batang PLTU, while Barito Pacific acquired PT Multi Tambangjaya Utama in late 2023 to complete its portfolio.
• National banks are increasingly filling the funding gap left by multinational banks that have divested from coal, with Bank Mandiri continuing to fund Adaro's projects in North Kalimantan despite internal sustainability commitments.

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} }