OJK, Stop Funding Your Coal!
OJK still includes captive power plant financing in the Taxonomy for Indonesian Sustainable Finance (TKBI) document.
OJK’s Commitment to Clean, Coal-Free Financing?
Financial Institution Supervisors & Regulators
OJK has the authority to supervise and regulate financial institutions in Indonesia.
The Need for Energy Transition Policies
The OJK needs to issue policies that are not half-hearted and can be used to encourage energy transition in Indonesia.
Protect Communities from Coal
OJK has an obligation to protect the interests of the public. Financing coal has a negative impact on public health and the environment.
OJK’s Involvement in Coal Projects
In January 2024, the OJK issued the Taxonomy for Sustainable Finance (TKBI), which is an update to the Indonesian Green Taxonomy 1.0. In this document, captive coal-fired power plants are still classified as "transitional." Captive coal-fired power plants should be included in the "non-eligible" category.
The portion allocated by banks for financing the 11 green categories in accordance with OJK Regulation 51/2017 only reached 27%, with 73% of that going to MSMEs. Categories other than MSMEs must be increased.
Getting in on the Action
Call on OJK to Stop Funding Coal!
Tweet OJK to stop funding coal and switch to funding clean energy in Indonesia!
BCA Bank
BCA's CEO, Jahja Setiaatmadja, stated in March 2024 that BCA will not reduce existing coal loans, but may hold back on new loans.
BNI Bank
The ‘Still Banking on Coal’ report issued by think thank Urgewald (2024) shows that the increase in BNI financing in the coal sector reached 410%.
Bank Mandiri
Bank Mandiri leads a syndicate of five domestic banks financing Adaro Group's aluminium smelter project using captive power plants in northern Kalimantan.
BRI Bank
BRI Managing Director Sunarso stated that the company will limit coal loans at WEF 2022. Until 2023, Bank BRI is still the top 3 bank financing this dirty sector!