- Singapore and Indonesia signed agreements on clean energy trade, carbon capture, and a sustainable industrial zone.
- The deals aim to drive low-carbon growth, jobs, and green investment.
- Both nations seek to boost innovation and regional collaboration in green sectors.
Singapore and Indonesia have signed three significant memorandums of understanding to promote cooperation in clean energy and sustainable development, which represents a major milestone in their green partnership.
The three memorandums were signed on June 13 during a visit by Singapore's Minister-in-charge of Energy and Science and Technology, Dr. Tan See Leng where he met with Indonesia's Minister for Energy and Mineral Resources, Dr. Bahlil Lahadalia in Jakarta.
Dr. Tan See Leng said, "Today’s signing ceremony is not just symbolic. It is a true reflection of both our shared resolve to translate our ideas into actions and to do so in close partnership and mutual trust".
Dr. Tan explained that the three memorandums are a "step" towards realizing a shared vision for a low-carbon and resilient future that creates win-win opportunities even amid climate uncertainties and economic challenges. The agreements aim to decarbonise both economies, promote innovation and create opportunities for new growth areas.
The first key agreement is on electricity trade that crosses borders, which will focus on the policy, regulatory, and commercial frameworks for electricity trade within a year. Dr. Tan underscored the potential for electricity trade to attract capital, generate foreign exchange and jobs through speeding up Indonesia's renewable energy industry.
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The second agreement will promote collaboration on carbon capture and storage (CCS). A joint working group will explore potential for a binding-agreement so that it can facilitate projects and establish Indonesia as a CCS hub for investors, according to Dr. Tan.
By referring to the initiative to connect energy systems across South-east Asia, Dr. Tan said, "Together, Singapore and Indonesia, we are also laying the foundation for a more connected Asean Power Grid and a more secure and sustainable energy future".
Further he stated, "As the saying goes, if we want to go far, we must go together. Singapore remains committed to working with Indonesia and other partners to support one another’s journey to net zero. Let us continue to collaborate in good faith, to develop new opportunities for innovation, cooperation and partnership".
The third agreement is regarding a sustainable industrial zone in the BBK region close to Singapore and a joint task force will identify industries and support to attract investment.
"There is one key principle: we provide electricity to our brothers and sisters in neighbouring countries, but they must also collaborate with us to build industrial zones in Indonesia. That is what true cooperation means", Dr. Tan concluded.