IEEFA: 8 Coal Companies Have Sufficient Fund for Energy Transition

By Editorial Team 24/08/2022
Summary

The Institute for Energy Economics and Financial Analysis (IEEFA) research showed that eight coal companies in Indonesia have sufficient funds to invest in the energy transition to green energy. IEEFA financial analyst Ghee Peh said the eight companies made big profits from 2021 to the first quarter of 2022, from the coal prices boom to record highs.

The eight coal companies are PT ABM Investama Tbk (ABMM), PT Adaro Energy Tbk (ADRO), PT Bayan Resources Tbk (BYAN), Geo Energy Resources Ltd, PT Harum Energy Tbk (HRUM), PT Indika Energy Tbk (INDY), PT Indo Tambangraya Megah Tbk (ITMG), and PT Bukit Asam Tbk (PTBA).

Profits and cash flows of these companies reached US$6.8 billion in the first quarter of 2022, which could accelerate the process of radical change to abandon new coal mining investments and meet long-term climate commitments. "This is a good momentum to consider the spending of US$6.8 billion fairly and sustainably in line with Indonesia as the holder of the G20 Presidency," Peh said Wednesday.

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