Singapore (VNA) –  Si🌠ngapore and Indonesia on February 15 signed a letter ofintent (LOI) to establish cooperation in cross-border Carbon Capture andStorage (CCS) to achieve net zero emissions by 2050.

Under the document, Singapore is the first country to sign an LOIwith Indonesia since Indonesia announced its presidential regulation on CCS on 30January, which will allow CCS operators to set aside storage capacity forinternational carbon dioxide.

With the LOI, the two countries affirmed theimportance of CCS as a decarbonisation pathway, and the potential of CCS toenable sustainable industrial activities and generate new economicopportunities. A working group comprising Singapore and Indonesia governmentofficials will work towards a legally binding bilateral agreement that willenable the cross-border transport and storage of carbon dioxide between the two countries.

CCS is the process of capturing, transporting, and storing the carbondioxide that is produced as a byproduct from other activities, such as powergeneration. It provides a pathway to decarbo♏nise emissions from hard-to-abatesectors such as energy and chemicals, and power.

Internationally, CCS isregarded as a key decarbonisation pathway to achieve global climate mitigation.Both the Intergovernmental Panel on Climate Change1 (IPCC) and InternationalEnergy Agency (IEA) have recognised the role of CCS to achieve net zeroemissions by mid-century and mitigate the effects of global warming./.