S'pore, Indonesia explore carbon capture opportunities

Carbon capture and storage was one of the opportunities being studied by other countries.

Singapore and Indonesia are looking into opportunities they can tap to enhance their cooperation on the green economy.

“Bilaterally, we are making good progress in facilitating cross-border electricity trading, and we are exploring Carbon Capture and Storage,” Prime Minister Lee Hsien Loong said during a joint press conference with his Indonesian counterpart President Joko Widodo at the Singapore-Indonesia Leaders’ Retreat.

The prime minister said they also signed a memorandum of understanding on Community Empowerment in Mangrove Ecosystems. He said another possible area of cooperation was carbon credits. 

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During the briefing, Lee also acknowledged the relationship formed between the two countries throughout the years as both leaders end their term in office.

He noted defence cooperation “has been regular and extensive.” The Joint Update on Defence Cooperation was even signed reflecting robust ties, he added.

“Our economic ties have been another pillar of the relationship. Investments from Singapore to Indonesia have increased steadily, and cumulatively they are exceeding $74 billion,” Lee said.

Both countries have also made efforts to improve digital economy ties following the signing of agreements on Cooperation on Digital Transformation, Lee said. Another deal signed was the Tech:X Programme which will encourage young tech professionals to gain valuable exposure in Singapore and Indonesia, he added.