News wire — U.S. President Joe Biden on Monday announced a number of investments in Indonesia spanning areas like climate and food security, including a $2.5 billion agreement between ExxonMobil and state-owned energy company Pertamina on carbon capture.
ExxonMobil and Pertamina’s agreement will further assess development of a regional carbon capture and sequestration hub in Indonesia, the White House said in a statement.
A joint study by Pertamina and Exxonmobil had found a potential carbon storage capacity of 1 billion tonnes in Pertamina’s oil and gas fields, which could permanently store Indonesia’s emissions for the next 16 years, Pertamina said in a separate statement on Sunday.
Biden is visiting Indonesia to take part in a G20 summit this week in Bali and announced the investments in a meeting with Indonesian President Joko Widodo, where he described the Southeast Asian country as a “critical partner”.
The U.S. president also said the two countries would collaborate to “protect our people” from COVID-19.
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 and ‘other development goals’, the White House statement said.
Follow us on twitter