作者介绍：Pandu Sjahrir ，是 AC Ventures 的创始合伙人。AC Ventures 是一个领先的东南亚风险资本公司，投资于专注于印度尼西亚和东盟的早期创业公司。它是对创始人的代代相传的伙伴，驱动印度尼西亚及其以外地区的正面社会变革和经济影响。

我最近连续访问了深圳和班加罗尔。看到这两个亚太地区的主要城市中的能源转型是如何展开的，真是令人眼前一亮。

两者的人均GDP都高于其国家的平均水平。深圳去年的人均GDP为25,000美元，而中国的全国平均水平约为12,700美元 - 当地经济学家告诉我，班加罗尔的为超过25,400美元，而印度的全国平均水平接近2,400美元。

这两个城市在电动车方面也有相当特殊的动态。预计到2030年，印度最富有的城市班加罗尔将拥有230万辆电动车，从现在的75,000辆增加。而到2021年底，深圳拥有20,000辆电动巴士，24,000辆电动出租车和超过60,000辆私有电动车。事实上，电动车占私有车总数的25%，道路上有超过250,000辆。预计这个数字到2025年将飙升至750,000辆。

另一方面，雅加达的人均GDP约为19,000美元，而印度尼西亚的全国平均水平为近4,800美元。该国的电动车渗透率仅为0.2%，其中绝大多数集中在大雅加达地区。

印度尼西亚的数字显示了一个巨大的机会，因为该国为全面的国家能源转型做准备。该国的目标是到2060年实现净零碳排放，这是一个巨大的，但并非不可逾越的目标。

投资和指令

在这次旅行中，我了解到，尽管投资在能源转型的速度和方向上产生了重大影响，但政府的指示也同样关键。这不仅包括补贴，还包括对研发的支持。更重要的是，它还包括对非电动车业务的限制，以在社会层面推动适应。

尽管印度尼西亚政府已制定了煤电厂提前退休的规定，但2022年可再生能源仅占电力生成的15%。

在交通部门，尽管电动车的采纳率一直在上升，但印度尼西亚距离其到2025年拥有400,000辆电动四轮车和1.8百万电池驱动摩托车的目标还有很长的路要走。

2022年，中国成为可再生能源相关投资的首选国家，仅在2022年就投入了5460亿美元。至于印度，它计划为国家的能源转型分配43亿美元，其中超过一半（24亿美元）用于氢生产，以减少化石燃料的使用。

识别关键点

印度尼西亚已经采取了一些步骤来发展其国内的碳市场，但仍需要更多的努力和更多的法规明确性，包括建立一个国家碳核算生态系统。

这些挑战对企业家和有抱负的创始人提出了一个紧迫的呼吁，他们应该在帮助印度尼西亚达到净零目标方面发挥积极作用。但这不仅仅是关于创始人 - 投资者也需要认识到可再生能源、煤炭替代品、碳捕获和储存、碳法规和交易以及脱碳交通作为未来的产业。

目前，印度尼西亚有大约300家从事清洁能源的初创公司。其中大多数在2019年开始业务，这表明一个蓬勃发展的清洁能源创业生态系统。

然而，根据最近的一份报告，东南亚技术初创公司的气候相关融资只占到总共11亿美元融资（权益和债务）的7.8%。在2022年的前11个月，该地区只有64家气候科技初创公司获得了资金。印度尼西亚只占总资金的13.1%，而新加坡的份额高达75.4%。

这种差距是严重的。为了在清洁能源融资领域中整顿局面，印度尼西亚需要关于创业公司和投资者的几个催化剂。

研发激励

加强政策和法规框架可以推动公司投资于快速的可再生能源或能源效率技术。尽管印度尼西亚政府在3月宣布了针对消费者的电动车补贴，但吸纳速度比预期要慢，这最终可能会伤害本地与电动车相关的初创公司。

清洁能源初创公司可以从研发激励中受益。尽管印度尼西亚现有的研发活动税收制度涵盖了可再生能源部门，但它主要对有大量税务负担的大公司有益。

2023年初，印度政府承诺为初创公司、私人研究所和制造商提供50%到70%的可再生能源研发的财政支持。而在中国，其政府于2020年启动了一个130亿美元的国家绿色发展基金，用于清洁能源投资和研究。

初创公司通常在其运营的前几年不会开始产生收入，这使得它们更难以利用税收减免。但激励措施，无论是以税收抵免还是配套资助的形式，都可以减轻初创公司的财务负担，从而帮助刺激清洁能源领域的创新。

提高清洁能源风险投资的税务减免覆盖范围

目前，税务系统将初创公司归类为中小微企业（MSMEs），投资者通过投资符合条件的公司可以享受税务减免。但风险投资家的所得税减免取决于他们投资的中小微企业的盈利状况。

这意味着投资者可能需要等待多年才能使用税务减免计划，前提是初创公司最终实现盈利。对专门投资清洁能源行业的投资者也没有税务津贴。

与此相反，中国已经延长了针对所有行业的风险投资家和天使投资人的税收优惠，直到2027年底。这项政策允许投资者从其应税收入中扣除70%的投资额，而不取决于初创公司是否盈利。

印度也正在重新评估其天使税规定，允许非居民投资者投资本地初创公司时享受减免。历史上，外国投资者没有这一福利。

碳交易实施是关键

随着世界各国政府宣布的激进的气候目标，碳交易预计会随之增长。印度尼西亚已经开始对碳税和交易计划进行试点。在此期间，电力部门的公司可以参与自愿的碳交易系统，预计在2025年全面推出。

根据这一机制，政府预计碳价格为每吨二氧化碳当量2美元至18美元。然而，根据国际货币基金组织，为了使全球变暖保持在2°C以下，到2030年，价格必须达到每吨50美元至100美元。

相对较低的碳价格和自愿参与不足以使清洁能源与仍然获得政府补贴的化石燃料持平。

中国的碳交易计划已经运行了两年，其中交易了2.3亿吨排放额度。其碳价格目前约为每吨8美元，但预计到2030年将上升至每吨18美元。另一方面，印度计划在2025年推出碳交易，框架仍在制定中。

碳定价可以为印度尼西亚的清洁能源初创公司创造一个有利的环境，通过刺激创新和对低碳技术的需求。这也可能增加初创公司的融资机会，因为投资者更倾向于支持符合碳定价政策的公司。

刺激与奖励

除了电动汽车的激励措施外，印度尼西亚政府还可以在全国范围内推出其他清洁能源产品的税收激励和/或税收抵免，如绿色建筑，以鼓励消费者和企业采纳可持续的实践。

现有的电动汽车激励措施也可以增加，以进一步推动消费者需求。

从班加罗尔和深圳的例子来看，激励措施对加速印度尼西亚这样的增长市场的能源转型至关重要。

中国、印度和印度尼西亚三国总人口约占全球人口的40%。这些国家在塑造全球电动汽车革命中将起到关键作用。

例如，印度几年前建立了一个清洁能源国际孵化中心，以帮助初创公司商业化清洁能源解决方案。

与此同时，中国成功地利用国有企业为清洁能源领域的初创公司提供融资。深圳资本集团，一个国有风险投资部门，已经为至少20家清洁能源公司提供了从种子到IPO前的融资，包括飞狮电池和晶科太阳能。

中国还推出了政策，可能会处罚那些不投资生产电动汽车以满足配额的汽车制造商。该国还在大城市禁止高污染车辆，以减少排放。

在消费者方面，中国一直在为非电动汽车配额发放车牌。印度也正在借鉴中国的做法，推出一项法律，将对未达到他们生产的车辆的燃油效率标准的汽车制造商予以重罚。

印度尼西亚的监管机构和商界领袖必须认真对待这些建议，以加速实现其净零排放目标，并保护其人民免受气候变化的灾难性影响。走向脱碳的道路不会轻松，但他们必须采取更有意义的行动。

以下为原文，感兴趣的读者可以自行阅读：

I recently visited Shenzhen and Bangalore, back to back. It was illuminating to see how the energy transition has been unfolding in these two major cities in Asia Pacific.

Both have a higher-than-average GDP per capita compared to their national averages. The GDP per capita of Shenzhen was US$25,000 last year, while China’s national average was around US$12,700 – local economists told me that Bangalore’s was over US$25,400 while India’s national average approached US$2,400.

Both cities also have rather special dynamics regarding electric vehicles. Bangalore, the wealthiest city in India, is expected to have 2.3 million EVs by 2030, up from 75,000.

Meanwhile, as of the end of 2021, Shenzhen boasted 20,000 electric buses, 24,000 electric taxis, and over 60,000 privately owned EVs. In fact, EVs made up 25 percent of the total private vehicles, with more than 250,000 on the roads. This number is projected to soar to 750,000 by 2025.     

Jakarta, on the other hand, has a GDP per capita of about US$19,000, whereas Indonesia’s national average stood at almost US$4,800. The country’s EV penetration rate is a mere 0.2%, the vast majority of which is concentrated in Greater Jakarta.

Indonesia’s figures point to a huge opportunity, as the country gears up for a sweeping national energy transition. The country aims to achieve net-zero carbon emissions by 2060, an immense but not insurmountable goal.

Investments and directives

On the trip, I learned that while investments significantly influence the speed and direction of the energy transition, government directives are just as critical. This includes not just subsidies but also support for R&D. More importantly, it also includes restrictions on non-EV businesses to push adaptation on a societal level.

Although the Indonesian government has enacted a regulation for the early retirement of coal power plants, renewable energy accounted for only 15% of power generation in 2022.

In the transportation sector, while EV adoption has been on the rise, Indonesia is still far from reaching its target of having 400,000 electric four-wheelers and 1.8 million battery-powered motorbikes by 2025.

China emerged as the top country for renewable-energy related investments after spending US$546 billion in 2022 alone. As for India, it looks to allocate US$4.3 billion for the country’s energy transition, with more than half (US$2.4 billion) directed toward hydrogen production to reduce fossil fuel use.

Identifying linchpins

Indonesia has made steps in developing its domestic carbon markets, but significant efforts and more regulatory clarity are still required, including setting up a national carbon accounting ecosystem.

Such challenges pose a clarion call for entrepreneurs and aspiring founders to play an active role in helping Indonesia’s net-zero targets. But it’s not just about the founders – investors also need to recognize renewable energy, coal alternatives, carbon capture, and storage, carbon regulation and trading, and decarbonized transportation as industries of the future.

Currently, Indonesia has about 300 startups working on clean energy. Most of them began business in 2019, indicating a burgeoning clean energy startup ecosystem.

However, climate-related funding for tech startups in Southeast Asia only took up 7.8% of the overall US$1.1 billion funding (equity and debt) pie, according to a recent report. In the first 11 months of 2022, only 64 climate tech startups in the region were funded. Indonesia accounted for only 13.1% of total funding, while Singapore’s share was a staggering 75.4%.

This disparity is dire. To spruce things up in the clean-energy funding scene, Indonesia needs several catalysts regarding both startups and investors.

R&D incentives

Strengthening policies and regulatory frameworks could push companies to invest in rapid renewable energy or energy efficiency tech. Although the Indonesian government announced EV subsidies for consumers in March, uptake is moving slower than expected, which may eventually hurt local EV-related startups.

Clean energy startups could benefit from R&D incentives. While Indonesia’s existing tax system for R&D activities does cover the renewable energy sector, it is mainly beneficial for larger companies with significant tax liability.

In early 2023, the Indian government pledged to provide 50% to 70% financial support for renewable energy R&D by startups, private institutes, and manufacturers. In China, its government initiated a US$13 billion National Green Development Fund in 2020 for clean energy investments and research.

Startups often don’t start generating revenue in the first few years of their operations, which makes it harder for them to make use of tax deductions. But incentives, either in the form of tax credits or matching grants, could alleviate the financial burden of early-stage startups to help spur innovation in the clean energy space.

Increase coverage of tax exemption for VCs in clean energy

Currently, the tax system categorizes startups as MSMEs, and investors could enjoy a tax exemption by investing in eligible companies. However, income tax exemptions for venture capitalists are contingent on the profitability of the MSMEs they invest in.

This means that investors could be waiting years to use the tax exemption scheme, assuming the startup eventually turns a profit. There are also no tax allowances for investors that invest specifically in clean energy sectors.

China, on the other hand, has extended its tax breaks for VCs and angel investors across all sectors until the end of 2027. The policy allows investors to deduct 70% of their investment amount from their taxable income and isn’t dependable on whether the startups turn a profit or not.

India is also reevaluating its angel tax provision to allow exemptions for non-resident investors if they invest in local startups – historically, foreign investors don’t have this benefit.

Carbon trading implementation is key

Carbon trading is expected to grow alongside all the aggressive climate goals announced by governments across the world. Indonesia has kicked off its trial for a carbon tax and trading scheme. During this trial, companies from the power sector can participate in a voluntary carbon trading system ahead of the full rollout in 2025.

Under this mechanism, the government anticipates carbon prices of US$2 to US$18 per ton of carbon dioxide equivalent. However, according to the International Monetary Fund, to keep global warming below 2°C, prices must reach US$50 to US$100 per ton by 2030.

The relatively low carbon prices and voluntary participation aren’t sufficient to level the playing field of clean energy against fossil fuels that are still receiving subsidies from the government.

China’s carbon trading scheme has been running for two years, where 230 million tons of emission allowances were traded. Its carbon price is currently around US$8 per ton but is expected to rise to US$18 per ton by 2030. On the other hand, India targets to roll out carbon trading in 2025 and a framework is still in progress.

Carbon pricing can create a favorable environment for clean energy startups in Indonesia by stimulating innovation and demand for low-carbon technologies. It’s likely to also increase funding opportunities for startups as investors will be more inclined to back companies that comply with carbon pricing policies.

Sticks and carrots

Apart from incentives for EVs, the Indonesian government could roll out tax incentives and/or credits across the country for other clean energy products such as green buildings to encourage consumers and businesses to adopt sustainable practices.

Existing EV incentives could also be increased to further drive consumer demand.

Based on the examples of Bangalore and Shenzhen, incentives are crucial to help accelerate the energy transition in a growth market like Indonesia.

China, India, and Indonesia collectively represent about 40% of the global population. These countries will play a pivotal role in shaping the global EV revolution.

India, for instance, set up a Clean Energy International Incubation Centre a few years ago to help commercialize clean energy solutions by the startups it incubated.

Meanwhile, China has been successful in leveraging state-owned enterprises to finance startups in the clean energy space. Shenzhen Capital Group, a state-owned VC arm, has financed at least 20 companies in clean energy from seed to pre-IPO stages, including Phylion Battery and Jinko Solar.

China also introduced policies that could penalize automakers that don’t invest in the production of electric cars to meet the quota. The country also imposed a ban on high-polluting vehicles in large cities to reduce emissions.

On the consumer side, China has been rationing car license plates for non-EVs. India, too, is taking a leaf out of China’s playbook by introducing a law that would heavily fine automakers for failing to meet fuel-efficiency standards for the vehicles they produce.

Indonesia’s regulators and business leaders must take these ideas seriously to accelerate progress toward its net-zero goal and to protect its people from the catastrophic effects of climate change. The journey toward decarbonization will not be easy, but it’s imperative that they take more meaningful action.