Indonesia says it is ready to be a major player in the carbon capture and storage (CCS) sector and will welcome technology and investment to develop the sector in the country.
Speaking at the International and Indonesia CCS Forum 2023 in Jakarta, the Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan highlighted that recent global investment in CCS had reached US$6.4 billion and Asia contributed US$1.2 billion. Pandjaitan said Indonesia is now ready to be a major player in this technology.
According to the Minister, Indonesia’s potential for carbon storage is estimated at 400 gigatons meaning the huge as yet untapped potential offers investors, both domestic and international, significant business opportunities.
As the region continues to experience significant industrial growth and therefore expands its carbon footprint due to the increasing need for energy, tackling emissions is now a priority, he added.
During his address, Pandjaitan said that industrial carbon capture and storage (ICCS) development in Indonesia and the ASEAN region also has great potential because the region has resources such as CO2 storage sites and industrial sites, including partnerships with East Asian industries in international carbon transportation.
Existing oil and gas facilities in Aceh, the northern part of Java, Kalimantan, and recent developments in Papua are technically feasible (to be used for) CCS operations,” he said.
By encouraging collaboration and sharing knowledge, Indonesia and the region can develop its CCS potential to become a global leader in the mitigation technology.