INDONESIA is ready to be a major part of the world’s carbon capture and storage (CCS) technology investment, Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, said here on Monday (9/11), 2023.

“Recent global investment in CCS has reached US$6.4 billion and Asia contributed US$1.2 billion. Indonesia is ready to be a major part of this technology investment,” he informed.

According to him, Indonesia’s potential for carbon storage is estimated at 400 gigatons. Such huge potential can result in significant business and investment opportunities for the country, he added.

Moreover, Indonesia has a great opportunity to permanently store carbon emissions through CCS technology, the minister said.

“ASEAN countries with growing economies and populations play an important role in the global carbon footprint. As the region continues to experience significant industrial growth and the increasing need for energy, tackling emissions is a priority,” he stressed.

Heexplained that CCS offers promising technologies that have been applied in other countries. In early 2023, the Indonesia CCS Center announced its vision regarding the development of CCS potential in the country.

The CCS sector is growing rapidly, offering investors the opportunity to become industry leaders. It is also offering long-term financial returns. At the same time, it can help industry players fulfill their zero-emission responsibility.

Furthermore, Pandjaitan said that industrial carbon capture and storage (ICCS) development 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.

“The implementation of a regional carbon tax also gives the project an economic boost. 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 informed.

By encouraging collaboration and sharing knowledge, he said, the region can develop its CCS potential to realize a sustainable future for Southeast Asia. [antaranews/photo special]