Indonesia President: Hormuz Changed the Economics of Climate Action | Opinion
Summary
Indonesian President Prabowo Subianto argues that disruption in the Strait of Hormuz exposed the economic risks of relying on imported fossil fuels and strengthened the case for renewable energy. He says Indonesia plans to use state resources and private investment to expand clean energy, while calling for changes to global finance to lower the cost of investment in developing countries.Key Facts
- The article says that before the Hormuz crisis, 60 percent of Southeast Asia’s crude oil imports and one-third of its gas imports came from the Middle East.
- Subianto says developing countries need $1.3 trillion annually by 2035 for climate action.
- The article says private capital costs two to three times more in developing countries than in wealthy countries.
- Indonesia pledged $1 billion to the Tropical Forests Forever Facility, alongside Brazil.
- Indonesia established the sovereign wealth fund Danantara in 2025, bringing nearly $1 trillion in state-owned assets under one roof, according to the article.
- Indonesia has launched a program to build 100 gigawatts of solar power; the article gives current nationwide installed capacity as 88 gigawatts.
- Danantara is intended to help finance the solar program and attract private investment in projects that convert municipal waste into electricity.
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