Indonesia seeks investment in carbon storage technology

0 Comment(s)Print E-mail Xinhua, September 11, 2023
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JAKARTA, Sept. 11 (Xinhua) -- Indonesia is inviting businesses to invest in carbon storage technology as part of an effort to reduce emissions in the Southeast Asia region, Indonesian Coordinating Minister of Maritime Affairs and Investment Luhut Binsar Pandjaitan said Monday.

The minister said that Indonesia has great potential to permanently store up to 400 gigatons of carbon emissions through the carbon capture and storage (CCS) technology.

"The potential has created significant business and investment opportunities in Indonesia in this sector," Pandjaitan said in his virtual remarks at the International and Indonesia CCS Forum (IICCS Forum) held in Jakarta.

"We also implement a regional carbon tax, which gives the carbon-related projects an economic boost. Our existing oil and gas facilities in a number of regions, including Aceh province, northern Java area, Kalimantan Island, and in Papua are technically feasible for the CCS operations," he added.

Indonesia has targeted to cut greenhouse gas emissions by 31.89 percent on its own or by 43.2 percent with international help by 2030.

In May, the country established the Indonesia Carbon Capture and Storage Center (ICCSC) to help push its agenda to become a regional hub for CCS solutions.

Pandjaitan said that Southeast Asia continued to record significant industrial growth and, at the same time, energy demand. Therefore, addressing emissions has become a regional priority. Enditem

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