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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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Michigan governor threatens to pull troops from D.C. if used for Trump task force

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Michigan governor threatens to pull troops from D.C. if used for Trump task force

Members of the National Guard stand in front of a large image of U.S. President Donald Trump that hangs from the the Robert F. Kennedy Department of Justice Building on May 18, 2026 in Washington, D.C.

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WASHINGTON, D.C. — In a strongly worded letter to the head of Michigan’s National Guard, Gov. Gretchen Whitmer reiterated troops from her state are only to be used for operations surrounding America 250 celebrations in Washington, D.C., and not for President Trump’s long-running — and controversial — joint task force to fight crime. She said that she would pull her troops from the city if that is not the case, in the letter obtained by NPR.

“Please take all necessary measures to ensure the Michigan National Guard is only supporting the narrow and limited America 250 Mission and is in no way supporting the D.C. Safe and Beautiful Mission,” wrote Gov. Whitmer, referencing the official name for the federal task force.

Trump deployed hundreds of troops to Washington, D.C., in August of 2025, in what experts said was a stunning departure from governing norms. He said he did so to address rampant crime, despite declining crime rates at the time. The number of troops in the city has increased over time to more than 4,800 from Washington, D.C. and almost two dozen states, which until recently were exclusively Republican-led.

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Michigan — which has 161 guard members currently in the city — is one of four Democratic-led states that sent members of their National Guard to D.C. in recent weeks, ahead of an influx of tourists for America 250 celebrations. North Carolina and Kentucky each sent one member of their guard, while Minnesota sent more than a hundred last week.

Kentucky confirmed to NPR Monday that it had recalled its one guard member over the weekend, after that member was “diverted to the task force by the federal government without the knowledge or consent of Gov. Beshear of the Kentucky Guard,” Scottie Ellis, a spokesperson for Gov. Beshear, wrote to NPR in an email.

When contacted by NPR, spokespeople for each respective Democratic governor’s office made it clear that their guard members were sent to help specifically with America 250, not for law enforcement purposes as part of the larger ongoing federal joint task force operation. All four states have been clear about their opposition to the Trump administration’s ongoing deployment of National Guard troops to D.C., filing an amicus brief in support of litigation challenging it as recently as May.

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Senate Ethics Committee dismisses complaint against Sen. Ruben Gallego

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Senate Ethics Committee dismisses complaint against Sen. Ruben Gallego

Sen. Ruben Gallego, D-Ariz., walks out of the Senate chamber on Oct. 1, 2025.

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The Senate Ethics Committee has dismissed a complaint brought against Sen. Ruben Gallego involving allegations of campaign finance violations and potential sexual misconduct.

The allegations against the Arizona Democrat were brought to the committee in April by a fellow member of Congress, Rep. Anna Paulina Luna, R-Fla. But in a letter to Gallego dated June 26, the committee said it had uncovered no wrongdoing.

“Based on the investigation of the Committee, the Committee did not find evidence that your actions violated Federal law, Senate rules, or related standards of conduct,” the panel wrote.

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The panel also said it appreciated Gallego’s “full cooperation” throughout the investigation.

Gallego welcomed the findings, saying in a statement that the dismissal “reaffirms what I have said about these accusations from the beginning: they were right-wing conspiracies peddled by far-right activists like Anna Paulina Luna, the White House, and their allies.”

“I look forward to an apology from Rep. Luna for weaponizing the ethics process while refusing to investigate historic corruption that’s making life harder for families,” he continued.

Whispers about potential misconduct by Gallego began to circulate in April following the resignation of Rep. Eric Swalwell, D-Calif. Swalwell stepped down in response to a swell of sexual assault and misconduct allegations. NPR has not independently verified the allegations against Swalwell, but he has adamantly denied them.

Swalwell and Gallego were close friends, and during Swalwell’s short-lived 2020 presidential campaign, it was Gallego who served as campaign chair.

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In the immediate aftermath of Swalwell’s resignation, Gallego denied knowledge of any alleged history of sexual misconduct, though he acknowledged to reporters that their close friendship may have made it difficult for him to accept rumors about Swalwell and his behavior toward women.

“My friendship with him, our family’s friendship together with him, clouded my judgment, and I was wrong — I deeply, deeply regret that,” Gallego said.

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Native Americans celebrate victory at the Battle of Little Bighorn, 150 years later

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Native Americans celebrate victory at the Battle of Little Bighorn, 150 years later

Horse mounted riders circle atop a hill at the Battle of Little Bighorn National Monument, near Last Stand Hill, on June 25.

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CROW AGENCY, Mont. — Under the expansive Montana sky, hundreds of members and descendants of 19 tribal nations gather at one of America’s most famous battlefields. They’re here to watch as Native American riders on horseback charge onto the same land their ancestors did 150 years ago when they defeated the U.S. Army’s 7th Cavalry under the command of Lt. Col. George Armstrong Custer.

The riders race across the dry landscape — kicking up clouds of dust before circling at the top of a hill at Little Bighorn Battlefield National Monument. Some of them are wearing headdresses and regalia, others are wearing tank tops and T-shirts. Many of them are carrying their tribal flags in a show of unity — the same unity that made possible their swift victory on June 25, 1876.

“It was so important then, 150 years ago. … It’s important today still,” said Gaby Strong, who is Sisseton-Wahpeton and Mdewakanton. “Our victories are still possible.”

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Custer’s goal was to force Native Americans onto reservations. After the 1874 discovery of gold in the Black Hills, Indigenous peoples living off reservations were directed to report to their U.S. field offices, called Indian Agencies, or be deemed hostile.

Native American leaders, including Crazy Horse and Sitting Bull, organized villages and tribes together in a resistance effort.

Several battles broke out in what is now Montana and South Dakota as military forces attempted to push remaining groups onto reservations.

“Crazy Horse, he went from band to band, leader to leader, to tell them about this idea of our relatives coming together for a much greater cause than themselves,” said Christopher Eagle Bear. He is Sicunga Lakota from the Rosebud Sioux Tribe.

In 1876, Custer was tracking a nomadic village of various peoples, including the Oceti Sakowin (Sioux), Cheyenne and Arapaho. Custer was tracking that camp with the help of about three dozen Arikara and Crow scouts. Scouting for the U.S. government was a common practice among many tribes.

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Custer divided his forces of around 700 men into three columns, hoping to surround the village.

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