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Indonesia’s sovereign wealth fund eyes green energy transition in $1bn investment plan

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Indonesia’s sovereign wealth fund eyes green energy transition in bn investment plan

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Indonesia’s sovereign wealth fund is aiming to invest up to $1bn this year with green energy as one of its priorities, as the south-east Asian country aims to become a hub for energy transition on the back of its vast nickel reserves. 

The Indonesia Investment Authority (INA) is in talks over potential investment in the electric vehicle ecosystem and geothermal energy, and is providing financing for early retirement of coal-fired power plants, chief financial officer Eddy Porwanto told the Financial Times. 

The fund planned to spend between $500mn and $1bn this year across all sectors after having invested $2.1bn since its founding in 2021, he said.

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“Indonesia has the potential to be a regional and even global champion in the future green economy,” said Porwanto. Other than supplying raw materials such as nickel — Indonesia has the world’s largest reserves of the metal used in batteries — the country could also be a centre for EV production and carbon monetisation, he said.

“We have been working with a number of strategic battery and EV players to look into investment opportunities not only in Indonesia but also across south-east Asia, as we believe there needs to be a solid ecosystem across the region.” 

INA is in talks with foreign companies for joint investments in nickel mining, smelting and battery manufacturing, Porwanto added. He declined to identify potential partners, but said they included companies outside China, which has been the largest investor so far in the nickel industry.

INA was set up by President Joko Widodo in 2021 to invest in economically significant industries and draw foreign investors to Indonesia — unlike traditional sovereign wealth funds that invest surplus state reserves abroad. INA received an initial state injection of $5bn and has also brought in $1.1bn in investments from foreign entities. The fund’s assets under management totalled $9.5bn at the end of last year, up by a third from 2022.

Indonesia is one of the top choices for new investments by state funds, along with China, India and Brazil, according to the 2024 annual report published by Global SWF, a data platform that tracks state-owned investors, including sovereign wealth funds, pension funds and central banks. 

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Under Widodo, Indonesia has leveraged its nickel reserves to attract billions of dollars in investments from smelters, battery makers and auto manufacturers. Chinese companies dominate Indonesia’s nickel industry, with producer Tsingshan Holdings and battery giant CATL among prominent investors. 

Incoming President Prabowo Subianto, set to take over from Widodo in October, has also promised to pursue policies that would further develop the downstream sector. 

In the green energy sector, INA is also “actively helping Indonesia with its energy transition” and is looking to fund the early retirement of coal-fired power plants, Porwanto said.   

INA’s focus comes as experts warned of a massive investment gap in south-east Asian countries meeting their net-zero goals. A recent report by Bain & Company, GenZero, Standard Chartered and Temasek said the region had seen $45bn in investments in green projects since 2021 but required an estimated $1.5tn by the end of the decade.

Indonesia is one of the world’s biggest emitters of greenhouse gases. Its nickel industry and the broader industrial sector have come under increasing pressure for using coal-fired power plants, even as Jakarta tries to position itself as an energy transition hub.

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Earlier this month, Hyundai Motor terminated an aluminium supply agreement with Indonesia’s Adaro Minerals following a campaign by a climate group backed by K-pop fans that called on the Korean automaker to stop sourcing supplies made from coal power. 

Other than green energy, INA had a strong pipeline in each of its other focus sectors — transportation and logistics, healthcare and the digital economy, Porwanto said. 

This month, INA and Global Infrastructure Partners, which is set to be taken over by BlackRock in a $12.5bn deal, launched a joint effort to invest in infrastructure in Indonesia. They will focus on developing infrastructure for ports, power generation and transmission, telecom towers, fibre optics and data centres. 

In a sign that INA might be gearing up to raise capital, the fund obtained a credit rating earlier this year from Fitch. It was rated ‘BBB’, in line with the government of Indonesia.

INA’s Porwanto said the rating opened up the possibility of obtaining financing from the offshore market, although there was no imminent fundraising plan. 

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“We hope our rating will build more confidence for potential investors to co-invest with INA in Indonesia and to obtain trust from our potential financiers as we are an investment-grade organisation,” he said. 

Fitch analyst Paul Norris said INA’s co-investing model could allay some of the fears of foreign investors unfamiliar with Indonesia. “Their model is set up well to attract investments. They are not just acting as a broker of sorts, but they are also investing alongside,” he said.

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BBC Verify: Satellite image shows tanker seized by US near Venezuela is now off Texas

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BBC Verify: Satellite image shows tanker seized by US near Venezuela is now off Texas

Trump was listed as a passenger on eight flights on Epstein’s private jet, according to emailpublished at 11:58 GMT

Anthony Reuben
BBC Verify senior journalist

One of the Epstein documents, external is an email saying that “Donald Trump traveled on Epstein’s private jet many more times than previously has been reported (or that we were aware)”.

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The email was sent on 7 January 2020 and is part of an email chain which includes the subject heading ‘RE: Epstein flight records’.

The sender and recipient are redacted but at the bottom of the email is a signature for an assistant US attorney in the Southern District of New York – with the name redacted.

The email states: “He is listed as a passenger on at least eight flights between 1993 and 1996, including at least four flights on which Maxwell was also present. He is listed as having traveled with, among others and at various times, Marla Maples, his daughter Tiffany, and his son Eric”.

“On one flight in 1993, he and Epstein are the only two listed passengers; on another, the only three passengers are Epstein, Trump, and then-20-year-old” – with the person’s name redacted.

It goes on: “On two other flights, two of the passengers, respectively, were women who would be possible witnesses in a Maxwell case”.

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In 2022, Ghislaine Maxwell was sentenced to 20 years in prison, external for crimes including conspiracy to entice minors to travel to engage in illegal sex acts and sex trafficking of a minor.

Trump was a friend of Epstein’s for years, but the president has said they fell out in about 2004, years before Epstein was first arrested. Trump has consistently denied any wrongdoing in relation to Epstein and his presence on the flights does not indicate wrongdoing.

We have contacted the White House for a response to this particular file.

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‘Music makes everything better’: A Texas doctor spins vinyl to give patients relief

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‘Music makes everything better’: A Texas doctor spins vinyl to give patients relief

Dr. Tyler Jorgensen sets “A Charlie Brown Christmas” on a record player at Dell Seton Medical Center in Austin Texas. He uses vinyl records as a form of music therapy for palliative care patients.

Lorianne Willett/KUT News


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Lorianne Willett/KUT News

AUSTIN, TEXAS — Lying in her bed at Dell Seton Medical Center at the University of Texas at Austin, 64-year-old Pamela Mansfield sways her feet to the rhythm of George Jones’ “She Thinks I Still Care.” Mansfield is still recovering much of her mobility after a recent neck surgery, but she finds a way to move to the music floating from a record player that was wheeled into her room.

“Seems to be the worst part is the stiffness in my ankles and the no feeling in the hands,” she says. “But music makes everything better.”

The record player is courtesy of the ATX-VINyL program, a project dreamed up by Dr. Tyler Jorgensen to bring music to the bedside of patients dealing with difficult diagnoses and treatments. He collaborates with a team of volunteers who wheel the player on a cart to patients’ rooms, along with a selection of records in their favorite genres.

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“I think of this record player as a time machine,” he said. “You know, something starts spinning — an old, familiar song on a record player — and now you’re back at home, you’re out of the hospital, you’re with your family, you’re with your loved ones.”

UT Public Health Sophomore Daniela Vargas pushes a cart through Dell Seton Medical Center on December 9, 2025. The ATX VINyL program is designed to bring volunteers in to play music for patients in the hospital, and Vargas participates as the head volunteer. Lorianne Willett/KUT News

Daniela Vargas, a volunteer for the ATX-VINyL program, wheels a record player to the hospital room of a palliative care patient in Austin, Texas.

Lorianne Willett/KUT News


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The healing power of Country music… and Thin Lizzy

Mansfield wanted to hear country music: Willie Nelson, Merle Haggard, George Jones. That genre reminds her of listening to records with her parents, who helped form her taste in music. Almost as soon as the first record spins, she starts cracking jokes.

“I have great taste in music. Men, on the other hand … ehhh. I think my picker’s broken,” she says.

Other patients ask for jazz, R&B or holiday records.

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The man who gave Jorgensen the idea for ATX-VINyL loved classic rock. That was around three years ago, when Jorgensen, a long-time emergency medicine physician, began a fellowship in palliative care — a specialty aimed at improving quality of life for people with serious conditions, including terminal illnesses.

Shortly after he began the fellowship, he says he struggled to connect with a particular patient.

“I couldn’t draw this man out, and I felt like he was really struggling and suffering,” Jorgensen said.

He had the idea to try playing the patient some music.

He went with “The Boys Are Back in Town,” by the 1970s Irish rock group Thin Lizzy, and saw an immediate change in the patient.

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“He was telling me old stories about his life. He was getting more honest and vulnerable about the health challenges he was facing,” Jorgensen said. “And it just struck me that all this time I’ve been practicing medicine, there’s such a powerful tool that is almost universal to the human experience, which is music, and I’ve never tapped into it.”

Dr. Tyler Jorgensen, a palliative care doctor at Dell Seton Medical Center, holds a Willie Nelson album in an office on December 9, 2025. Ferguson said patients have been increasingly requesting country music and they had to source that genre specifically.

Dr. Tyler Jorgensen plays vinyl records as a form of music therapy for palliative care patients in Austin, Texas. Willie Nelson’s albums are a perennial hit.

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Creating new memories

Jorgensen realized records could lift the spirits of patients dealing with heavy circumstances in hospital spaces that are often aesthetically bare. And he thought vinyl would offer a more personal touch than streaming a digital track through a smartphone or speaker.

“There’s just something inherently warm about the friction of a record — the pops, the scratches,” he said. “It sort of resonates through the wooden record player, and it just feels different.”

Since then, he has built up a collection of 60 records and counting at the hospital. The most-requested album, by a landslide, is Fleetwood Mac’s Rumours from 1977. Willie is also popular, along with Etta James and John Denver. And around the holidays, the Vince Guaraldi Trio’s A Charlie Brown Christmas gets a lot of spins.

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These days, it’s often a volunteer who rolls the record player from room to room after consulting nursing staff about patients and family members who are struggling and could use a visit.

Daniela Vargas, the UT Austin pre-med undergraduate who heads up the volunteer cohort, became passionate about music therapy years ago when she and her sister began playing violin for isolated patients during the COVID-19 pandemic. She said she sees similar benefits when she curates a collection of records for a patient today.

“We are usually not in the room for the entire time, so it’s a more intimate experience for the patient or family, but being able to interact with the patient in the beginning and at the end can be really transformative,” Vargas said.

Often, the palliative care patients visited by ATX-VINyL are near the end of life.

Jorgensen feels that the record player provides an interruption of the heaviness those patients and their families are experiencing. Suddenly, it’s possible to create a new, positive shared experience at a profoundly difficult time.

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“Now you’re sort of looking at it together and thinking, ‘What are we going to do with this thing? Let’s play something for Mom, let’s play something for Dad.’” he said. “And you are creating a new, positive, shared experience in the setting of something that can otherwise be very sad, very heavy.”

Other patients, like Pamela Mansfield, are working painstakingly toward recovery.

She has had six neck surgeries since April, when she had a serious fall. But on the day she listened to the George Jones album, she had a small victory to celebrate: She stood up for three minutes, a record since her most recent surgery.

With the record spinning, she couldn’t help but think about the victories she’s still pursuing.

“It’s motivating,” she said. “Me and my broom could dance really well to some of this stuff.”

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Video: Who Is Trying to Replace Planned Parenthood?

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Video: Who Is Trying to Replace Planned Parenthood?

new video loaded: Who Is Trying to Replace Planned Parenthood?

As efforts to defund Planned Parenthood lead to the closure of some of its locations, Christian-based clinics that try to dissuade abortions are aiming to fill the gap in women‘s health care. Our reporter Caroline Kitchener describes how this change is playing out in Ames, Iowa.

By Caroline Kitchener, Melanie Bencosme, Karen Hanley, June Kim and Pierre Kattar

December 22, 2025

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