Speaking at the International and Indonesia CCS Forum 2023 in Jakarta on Monday (11/09/23), Indonesia’s Coordinating Minister for Maritime and Investment Affairs, Luhut Binsar Pandjaitan said that Indonesia has a huge potential in the carbon sequestration industry, according to reporting from Tempo.
“Indonesia currently has a potential for carbon emissions sequestration amounting to 400-gigatonnes, a huge business and investment opportunity,” he said.
Luhut mentioned that the potential is ever-increasing with carbon capture and storage (CCS) technology which stores carbon emissions underground to be absorbed by the earth. “CCS is a promising technology which has been implemented at the global level,” he said. The technology, he added, is deemed as a license to invest for carbon emissions reduction investors, report Tempo.
Luhut explained that Indonesia has been focusing on CCS development since the beginning of 2023 and currently, mineral and energy resources facilities in Indonesia from Aceh to Papua are technically able to implement the technology.
According to Luhut, Indonesia aims to become a CCS hub in the next few years. Luhut also mentioned that globally, CCS investment has reached USD 6.4-billion with USD 1.2-billion located in Asia, say Tempo.
“Indonesia ought to be the main part of [CCS] investment,” he said. Thus, CCS development in Indonesia is an opportunity for investors to gain long-term profit while simultaneously fulfilling the net zero emissions responsibility.