This report has two objectives. Firstly, to provide insight and raise awareness to the relevant stakeholders, especially policymakers and financial institutions, on the risks that will arise from a global energy transition and potentially affect coal investment and Indonesia’s financial system. Secondly, it is expected that the report can be used as a reference to bring the pertinent issue of stranded assets out of coal phase-out into the priority of the G20 finance track in Indonesia’s Presidency in 2022. Thus, other G20 countries will be able to lay more concern and avoid the risks.