February 2026
Indonesia’s Nickel Sector Is Becoming Asset-Anchored, While Its EV Downstream Is Diverging from Coal Based Power Pathways
Indonesia’s Aluminium Pipeline Reveals a Structural Power Gap of at Least 4 GW
Future Capacity Hinges on a Narrow Set of Actors, New Industrial Parks, and Unsettled Aluminium and PV Pathways
Indonesian Firms Edge Ahead of Chinese Owners as Captive Coal Expands from Nickel to Aluminium and PV
Indonesia’s Captive Coal Is a Newly Built Industrial System – Anchored in Nickel, Aluminium, and a Few Mega Industrial Parks
January 2026
Absence of MDB and DFI Did Not Curb Captive Coal: Commercial Banks Replaced Policy Banks After 2019
Indonesian Captive Coal Financing Became Opaquer: Policy Banks Withdrew, Commercial Banks Carried On
Despite Energy Transition Rhetoric, Captive Coal Financing in Indonesia is Deepening its Lock-in
Chinese and Indonesian Companies Lock Captive Coal Financing: First Through Nickel, Now Aluminium
Singaporean Banks Lead Secondary Lenders in Reinforcing Indonesia’s Captive Coal Industrial Lock-in
