State oil and gas company PT Pertamina has set the target that by 2030, 56 percent of its investments will be allocated to renewable energy.

Indira Pratyaksa, Pertamina Vice President for Sustainability Program, Rating and Engagement, said that this target supports the company's goal of achieving Net Zero Emission by 2060.

"Our fossil fuel investments will be capped at 44 percent, with the remaining 56 percent directed towards petrochemicals and renewable energy," Indira said on Wednesday, August 7, 2024.

Although the target is set for 2030, Indira noted that Pertamina has already begun efforts to reach this goal.

"We are aggressively moving in that direction because the push for sustainability needs to start not just now, but ideally, it should have started yesterday," she said.

To achieve this target, Pertamina continuously monitors its progress on a monthly basis, with updates reported to the board of directors every three months.

"This has become a collective commitment to ensure that we achieve net zero emissions by 2060," she said.

Indira said further that in order to meet the net zero emission target by 2060, Pertamina has devised a strategy of "no regret abatement."

"This strategy allows us to avoid large initial investments while maximizing the existing resources within the company," she said.

While Pertamina is shifting its focus towards renewable energy investments, Indira emphasized that the company will continue to maintain its investments in fossil fuels to ensure energy security and affordability.

"We ensure that we can manage both fossil fuels and renewable energy, as this is not a choice but an obligation. Therefore, we maintain alignment between the two," she concluded.