News wire — ExxonMobil and Indonesian state-owned energy company Pertamina have signed a $2.5 billion agreement to further assess development of a regional carbon capture and sequestration hub in Indonesia, the White House said in a statement on Monday.
The partnership “will enable key industry sectors to decarbonise” said the statement, citing the refining, chemicals, cement, and steel sectors. It said this would lower carbon emissions, ensure economic opportunities for Indonesian workers and help Indonesia achieve its net-zero ambitions in 2060 or sooner.
The announcement comes as U.S. President Joe Biden is visiting Indonesia to take part in a G20 summit this week.
The United States and Indonesia also agreed to launch a $698 million Millennium Challenge Corporation (MCC) compact to help support development of climate-conscious transportation infrastructure in five Indonesian provinces, the statement said.
The funds include $649 million from the United States and $49 million from Indonesia.
(Reporting by Nandita Bose Writng by Ed Davies Editing by Kanupriya Kapoor) – Reuters
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