"With competitive costs, Indonesia has a great opportunity to market its carbon storage capacity (to foreign contractors) and make it a strategic sector," he expounded.
He delivered the remarks during a meeting with representatives of the EU-ASEAN Sustainable Connectivity Package Investment Facility (EU SCOPE IF), according to a statement issued on Wednesday.
To tap this opportunity, it will be necessary to build a strong ecosystem, including providing attractive regulations to the private sector so that they are willing to invest in carbon capture and storage (CCS) technology, he added.
The effort is expected to help accelerate Indonesia's energy transition process and support the achievement of the net-zero emissions (NZE) target.
For this, cooperation with the EU is necessary, according to Ruddyard.
He explained that Indonesia has committed to implementing low-carbon development over the next 20 years. One of the main components of efforts to reduce emissions is energy transition acceleration.
According to the ministry's deputy for food, natural resources, and environment, Leonardo A. A. Teguh Sambodo, technological advances have made possible the utilization of carbon from the oil and gas sector, which was previously accumulated.
"For net-zero emissions, in the first five years, the implementation of CCS or CCUS and restrictions on the construction of coal-fired power plants are the main agenda," Sambodo informed.
Meanwhile, EU SCOPE IF representative Pedro Pimentel emphasized the EU's readiness to support Indonesia to obtain the best data and experience related to CCS implementation.
The EU is said to have supported several innovative projects in this sector and can provide real references to Indonesia.
"The EU also offers capacity building, field visits, and the development of cross-country cooperation models to ensure the sustainability and feasibility of CCS investment," Pimentel said.
CCUS technology is playing a pivotal role in global efforts to mitigate climate change. The technology is currently the only viable emission reduction solution for hard-to-abate industries such as steel, chemicals, and cement.
CCUS captures CO2 emissions from these industries, transporting the emissions to storage facilities built on domestic or overseas saline aquifers or depleted reservoirs.
According to a 2024 study, Indonesia has the potential to store 69 gigatons (Gt) of CO2 in saline aquifers, a further 680.57 Gt of CO2 in deep saline aquifers, and 10.14 Gt in depleted petroleum reservoirs.
The study was carried out by the Economic Research Institute for ASEAN and East Asia, National Research and Innovation Agency (BRIN), and Research and Development Center for Oil and Gas Technology (Lemigas).
In addition, 2 out of the 15 CCUS projects announced by the Indonesian government, the Sunda-Asri Basin and Ubadari Field, are considered prospective for international hub development.
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Translator: M. Baqir Idrus Alatas, Yashinta Difa
Editor: Azis Kurmala
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