Subscribe to our free daily newsletters
  Space Travel News  

Subscribe to our free daily newsletters

ADB supports Indonesian energy diversity
by Daniel J. Graeber
Manila (UPI) Oct 2, 2015

Indonesia needs financial support to diversify an energy sector that's outdated despite the vast deposits of natural reserves, the Asian Development Bank.

Pradeep Tharakan, a regional specialist for the ADB, said chronic underinvestment in the energy sector left the country lacking access to modern forms of energy. The ADB said it supported a $500 million loan to help stimulate investments and energy sector reform.

"The project will help the government to enhance energy security, as well as increase supply from renewable sources and natural gas in the future energy mix," Tharakan said.

Natural gas production in Indonesia increased by more than 20 percent in the decade ending in 2012, the U.S. Energy Information Administration reports. The country exports about half its natural gas and is one of the largest exporters of liquefied natural gas in the world.

ADB said the loans would support government efforts to build a renewable energy sector centered around small-scale hydropower, geothermal and biomass programs. The program would also back cleaner power options like natural gas.

Indonesia in September submitted a request to reactivate its membership in the Organization of Petroleum Exporting Countries. The country left OPEC in 2009 because it was no longer a net exporter.

Italian energy company Eni and its partners at French energy company Engie, formerly GDF Suez, and its Indonesian partners signed a deal to purchase and sell up to 1.4 million tons of LNG per year from the Jangkrik complex starting in 2017.

Asian economies, the bank said, combine for about 37 percent of all global emissions and dependency on fossil fuels remains high even though 600 million people in the region still lack access to electricity.

NYC clean investment strategy reviewed
New York (UPI) Oct 2, 2015 - The New York City comptroller said it would closely review the mayor's proposal to divest from coal amid industry criticism of the financial strategy.

New York City Mayor Bill de Blasio this week called on the five city pension boards to consider a proposal to divest from coal. The mayor's office said the divestment initiatives would align city pension funds with current trajectories in the energy market.

Notre Dame University said it was moving away from coal as a power source after Roman Catholic Pope Francis described the issues surrounding climate change in moral terms. Scott Stringer, the comptroller for the city of New York, said there were health and investment responsibilities tied to public pension funds like New York's.

"Climate change is a very serious threat, and we've been examining the issue for some time," he said in response to emailed questions. "We welcome the mayor's contribution to the ongoing discussion, and look forward to working closely with his office to conduct a comprehensive study."

Five pension funds for New York City have assets of more than $160 billion, with about $33 million tied to coal.

Industry critics said divesting from coal for the sake of addressing climate goals was a short-sighted investment strategy. Matt Dempsey, a spokesman for the Independent Petroleum Association of America, said it's not a particular act of "political heroism" to shy away from coal in and of itself.

"I guess we can take some comfort in the fact they're keeping hold of oil and gas securities, but this whole thing is really just a big distraction," he said in response to questions. "New York is today, and remain well into the future, one of the largest consumers of fossil-derived energy among any state in the nation. Nothing announced this week changes that one bit."

New York state law requires that 30 percent of the electricity in the state comes from renewable energy by the end of this year. Most of its renewable power comes from hydroelectricity.

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Previous Report
US cities ranked on impact of urban heat islands on temps
Athens GA (SPX) Sep 22, 2015
Inner cities as well as suburbs show distinctly warmer temperatures - known as the urban heat island effect - than rural areas as a result of land use and human activities, which can affect rainfall, air quality and public health. A University of Georgia study using a new method for calculating urban heat island intensities clarifies the conflict on whether urban density or sprawl amplify ... read more

Spaceflight Purchases SpaceX Falcon 9 Flight For Small Satellite Industry

Assembly begins for the Ariane 5 to orbit Arabsat-6B and GSAT-15 in Nov

After Astrosat success, India set to launch 23 foreign satellites

ULA Selects Orbital ATK to Provide Solid Boosters for Atlas V and Vulcan Launch Vehicles

NASA's Big Mars Story

Mars water find boosts quest for extra-terrestrial life

Rover's Current Location Makes Communications a Challenge

NASA Confirms Evidence That Liquid Water Flows on Today's Mars

Russian scientist hope to get rocket fuel, water, oxygen from Lunar ice

NASA's Lunar Reconnaissance Orbiter's Dance with Eclipses

China to rehearse new carrier rocket for lunar mission

NASA's LRO discovers Earth's pull is 'massaging' our moon

Layman help sought in solving dwarf planet mysteries

Pluto at Twilight

New 'Snakeskin' Image and More from New Horizons

Pluto 'Wows' in Spectacular New Backlit Panorama

The Most Stable Source of Light in the World

Earth-class planets likely have protective magnetic fields, aiding life

Stellar atmosphere can be used to predict the composition of rocky exoplanets

Watching an exoplanet in motion around a distant star

'Mars and Back on a Tank of Gas': NASA's Fuel Efficiency Record Smashed

United Launch Alliance Picks US Rocket Engine Over Rival Russian One

First manned flight of NASA's Orion may be delayed to 2023

Construction Begins on Test Version of Important Connection for SLS

The First Meeting of the U.S.-China Space Dialogue

China's new carrier rocket succeeds in 1st trip

China launches new type of carrier rocket: state media

Long March-2D carrier rocket blasts off in NW China

ASU-led partnership engages citizens in NASA's Asteroid Initiative

Impact produced comet's rubber duck shape: study

How Rosetta's comet got its shape

Rosetta reveals comet's water-ice cycle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement