PT TBS Energi Utama Tbk and Bank DBS Indonesia launch climate transition plan to jointly promote decarbonisation aimed at achieving carbon neutrality by 2030 | Bahasa

Indonesia, 10 Mar 2026 - PT TBS Energi Utama Tbk (TBS), an integrated energy company currently undergoing transformation, launched its Climate Transition Plan (CTP) in November 2025 as a strategic roadmap to achieve its carbon neutrality target by 2030. The initiative is fully supported by Bank DBS Indonesia as the primary financial institution facilitating sustainable financing to accelerate the low-carbon energy transition in Indonesia.

TBS’s Climate Transition Plan is an evolution of the TBS2030 strategy launched in 2022, offering a more comprehensive guide on the decarbonisation of the company’s operations and portfolio. Through a transition finance collaboration with Bank DBS Indonesia, these decarbonisation ambitions are being realised in a tangible and credible manner. Bank DBS Indonesia’s support strengthened TBS’s access to sustainable financing while boosting investor confidence in the company’s long-term transformation strategy.

Through the publication of the CTP, TBS has emerged as one of the first integrated energy companies in Indonesia to publicly formalise its transition strategy, namely a Climate Transition Plan, thereby making the company’s low-carbon transition more credible and measurable for the financial industry and stakeholders.

Through this plan, TBS is committed to shifting its revenue base from fossil-fuel-based businesses to three low-carbon business pillars: waste management, renewable energy, and electric vehicles (EV). The development of the CTP also aligns with international practices under the European Sustainability Reporting Standards (ESRS) E1 - Climate Change, including disclosures of transition strategies, emission targets, action plans, as well as relevant financial and governance implications.

As a concrete step in implementing the CTP, TBS delivered a significant milestone by divesting two coal-fired power plant (PLTU) subsidiaries in 2024. The strategic move was projected to significantly reduce the company’s total annual operational emissions (Scopes 1 and 2), given that the divested PLTU assets in 2024 accounted for approximately 86% of total operational emissions based on full-year data prior to transactions. Additionally, TBS plans to cease coal mining operations by 2027, consistent with its strategic plan to focus on low-carbon businesses.

Juli Oktarina, Director of PT TBS Energi Utama Tbk, stated: "TBS’s Climate Transition Plan is a concrete commitment and strategic roadmap toward credible decarbonisation, focusing on the gradual phase-out of coal operations, reinvestment in low-carbon growth, and operational efficiency to achieve the 2030 carbon neutrality target. Backed by a US$600 million investment and a collaboration with DBS Bank Ltd (Bank DBS), the plan affirms that sustainability is not an afterthought for TBS but rather the core of the company’s long-term growth strategy."

To date, TBS has achieved several significant milestones as documented in the CTP:

• Waste Management: Building a regional waste platform through the acquisitions of AMES, ARAH, and Cora Environment (formerly Sembcorp Environment), the largest integrated waste management company in Singapore.
• Renewable Energy: Development of a 46 MWp floating solar power plant in Batam and a mini-hydro power plant in Lampung, both scheduled to begin operations in 2025.
• Electric Mobility: Expansion of Electrum with 7,500+ electric motorcycles on the road and 360+ battery swapping stations (BSS) across Greater Jakarta (Jabodetabek).

TBS is eying up to US$600 million worth of investment and expects that by 2030, nearly 80% of the company's revenue will be derived from non-coal sectors, a significant shift from its 2022 revenue profile that was almost entirely fossil-fuel-based.

The launch of the CTP also underscores TBS's adherence to global transparency standards, including Scope 1 and 2 emissions reporting that has received limited assurance from a third party in accordance with ISO 14064 standards and Financial Services Authority (OJK) regulations.

The financial support from Bank DBS Indonesia plays a crucial role in advancing TBS's ambitions through various sustainable financing mechanisms. Previously, Bank DBS Indonesia also supported a US$15 million blended finance facility for Electrum, TBS's electric vehicle platform, marking Indonesia's first co-financing arrangement for the sustainable transportation sector.

Anthonius Sehonamin, Director of Institutional Banking Group PT Bank DBS Indonesia, stated:

"As a trusted partner in sustainable transition, Bank DBS Indonesia supports TBS Energi Utama Tbk, not only through transition financing solutions but also through strategic advisory in developing a credible and measurable Climate Transition Plan. We work actively together in formulating a decarbonisation roadmap that is aligned with TBS's long-term business strategy, ensuring that this transition plan is not only ambitious but also genuinely executable on the path toward a net-zero target."

Bank DBS Indonesia views the transition toward a low-carbon economy as a strategic opportunity to drive sustainable growth while strengthening long-term economic resilience. Through its transition finance approach, Bank DBS Indonesia is committed to accompanying clients in designing decarbonisation pathways that are measurable, credible, and aligned with international best practices. Its support for TBS's Climate Transition Plan reflects Bank DBS Indonesia's active role, not just as a financing provider but also as a strategic partner that delivers advisory services, innovative financing structures, and strengthened governance and transparency across environmental, social, and governance (ESG) aspects.

The strong collaboration between financial partners such as Bank DBS Indonesia and private sector players such as TBS will ultimately create long-term value for stakeholders while directly contributing to Indonesia's Net Zero 2060 target.

About PT TBS Energi Utama Tbk:
PT TBS Energi Utama Tbk (IDX: TOBA) is a publicly traded company currently transitioning from an extractive-based business to a pioneer in the green business sector. With a strong commitment to sustainable and value-added development, TBS is gradually shifting its portfolio focus toward environmentally friendly waste management solutions, clean energy, and low-emission transportation.

TBS currently manages a diverse range of business lines, including waste management, renewable energy generation, and electric vehicles, while continuing to responsibly optimise transition assets such as coal mining and trading. The company operates across multiple regions in Indonesia, including East Kalimantan, Batam, Lampung, and Central Java as well as in Singapore, and employs more than 1,000 people who play a vital role in realising TBS's sustainability vision.

Through its long-term strategy, Towards a Better Society (TBS2030), TBS aims for carbon neutrality by 2030, in line with Indonesia's Net Zero Carbon 2060 vision.

As part of this overarching commitment, TBS has also established TBS Foundation as a platform dedicated to social value creation and the development of various social initiatives, with the goal of delivering lasting positive impact for both communities and the environment.

Follow our green transformation journey at www.thisistbs.com

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 17 consecutive years from 2009 to 2025.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

Established in 1989 as part of the Singapore-based DBS Group, PT Bank DBS Indonesia (Bank DBS Indonesia) is one of the banks with the longest history in Asia. Currently operating 1 Operational Head Office, 13 Branch Offices, 14 Sub-Branch Offices, 32 ATMs spread across major cities and 2.861 active employees in 15 major cities in Indonesia, Bank DBS Indonesia provides comprehensive banking services that focus on the customer experience to 'Live more, Bank less'. We also see a purpose beyond banking and are committed to supporting our customers, employees, and the community towards a sustainable future. 

PT Bank DBS Indonesia is licensed and supervised by The Indonesian Financial Services Authority (OJK), and an insured member of Indonesia Deposit Insurance Corporation (LPS).

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.