Indonesian Captive Coal Financing Became Opaquer: Policy Banks Withdrew, Commercial Banks Carried On

Jan 31, 2026

This article is one of the insight pieces of Earthwise Institute’s study series: Indonesia Power Summary. All data analysed during this article will also be publicly available by February 2026.   Insight Summary: This analysis shows that captive coal financing in...

Despite Energy Transition Rhetoric, Captive Coal Financing in Indonesia is Deepening its Lock-in, Anchored by Nickel Megaprojects, Emerging Aluminium Hubs, and Enduring Reliance across Industrial Parks and National Champions

Jan 31, 2026

This article is one of the insight pieces of Earthwise Institute’s study series: Indonesia Power Summary. All data analysed during this article will also be publicly available by February 2026.   Insight Summary: Evidence from transaction level debt financing...

Singaporean Banks Lead Secondary Lenders in Reinforcing Indonesia’s Captive Coal Industrial Lock-in

Jan 31, 2026

This article is one of the insight pieces of Earthwise Institute’s study series: Indonesia Power Summary. All data analysed during this article will also be publicly available by February 2026.    Insight Summary: This analysis focuses on non-dominant...

Absence of MDB and DFI Did Not Curb Captive Coal: Commercial Banks Replaced Policy Banks After 2019

Jan 31, 2026

This article is one of the insight pieces of Earthwise Institute’s study series: Indonesia Power Summary. All data analysed during this article will also be publicly available by February 2026.   Insight Summary: The financing architecture surrounding captive...

A Dozen Chinese and Indonesian Companies Lock Captive Coal Financing: First Through Nickel, Now Aluminium

Jan 31, 2026

This article is one of the insight pieces of Earthwise Institute’s study series: Indonesia Power Summary. All data analysed during this article will also be publicly available by February 2026.   Insight Summary: Captive coal financing in Indonesia is...

Indonesian Captive Coal Finance Is Becoming More Fragmented Across Lenders and Firms, Yet Locked into Fewer Sectors

Jan 31, 2026

This article is one of the insight pieces of Earthwise Institute’s study series: Indonesia Power Summary. All data analysed during this article will also be publicly available by February 2026.   Insight Summary: Across financiers, capital flows, companies, and...