Pertamina Rogoh Pockets 5.7 Billion US Dollars For EBT Development Until 2029

JAKARTA - Pertamina has prepared 8 percent of its total investment spending until 2029, or around 5.7 billion US dollars for the development of new and renewable energy.

This was conveyed by the Chief Executive Officer of Pertamina New & Renewable Energy (Pertamina NRE) John Anis at the Indonesia Pavilion COP29 in Baku, Azerbaijan.

John explained that the new and renewable energy developed with the budget includes geothermal, bioethenol, green hydrogen, solar power, wind power, biomass power, battery, and carbon business.

Investasi yang disiapkan Pertamina cukup besar dalam pengembangan EBT. Hal ini bagian dari komitmen kuat Pertamina untuk mendukung augmented nationally determined contribution Indonesia. Kami percaya bahwa untuk mendukung target besar diperlukan terobosan-terobosan, ujar John dalam keterangan kepada media, Selasa, 12 November.

He added that the investment aims to realize Pertamina's low-emission business growth as well as support Indonesia's net zero emissions target by 2060.

There are at least 4 aggressive Pertamina targets by 2029 to support this, including 60 million kiloliters (KL) of vegetable fuel sales, 5.5 KL of petrochemical production, 1.4 gigawatts (GW) of geothermal installed capacity, and 1.5 million tons of CO2 equivalent to emission reduction through CCS/CCUS.

The implementation of BBN, he said, has been well initiated by Pertamina by providing biodiesel products for the community since 2015, and currently Pertamina is also supporting the government by developing bioethenol-based environmentally friendly gasoline.

Through a trial project, last year Pertamina launched Pertamax Green 95 which mixed gasoline with bioethenol 5 percent. Pertamina through its subsidiary, Pertamina NRE, is also working with PT Sinergi Sugar Nusantara to initiate the construction of a bioethenol factory in Banyuwangi with a production capacity of 30 thousand KL per year.

For geothermal, currently installed capacity reaches 672 megawatts (MW). After conducting a Initial Public Offering (IPO) in February 2023, PT Pertamina Geothermal Energy Tbk aggressively seizes opportunities for geothermal development with a target installed capacity to double in 2029.

"Pertamina's commitment to support the government's net zero emission target is no joke. It is evident from the decrease in emissions that have been realized in the 2020 period 2023 reached 8.5 million tons equivalent to CO2 or decreased 34 percent from coverage 1 and 2," explained John.

Meanwhile, coverage of 3 Pertamina managed to reduce emissions by 32.7 million tons, equivalent to CO2 from the implementation of vegetable fuels in 2023.

Pertamina's serious implementation in the environmental, social, and governance (ESG) aspects is also reflected in the ESG score which reached 20.7, whose assessment was carried out by the global scale ESG rating agency. This score positions Pertamina as the first in the integrated oil & gas sub-industry.

Pertamina's corporate strategy reflects strong support for the energy transition. But of course strong commitment alone is not enough. Strong support from all stakeholders is also needed to be able to jointly realize national decarbonization," said John.