ExxonMobil Commits $15 Billion to Carbon Capture in Indonesia

ExxonMobil, a leading US-based oil and gas multinational, has announced a significant investment of $15 billion in Indonesia to enhance carbon capture and storage (CCS) technology. This monumental commitment was revealed during a meeting between ExxonMobil President Director Carole Gall and President Prabowo Subianto at the State Palace. The announcement comes as part of a broader initiative to attract international investments under Indonesia’s new administration.

A Leap Toward Carbon Neutrality

CCS technology is poised to play a critical role in Indonesia’s journey toward reducing carbon emissions. ExxonMobil's $15 billion pledge reflects the company's commitment to supporting green energy solutions while also advancing Indonesia’s global environmental goals. This initiative is expected to focus on developing facilities for capturing and storing carbon emissions, especially from industries with high environmental footprints.

British Petroleum (BP) has also declared its commitment to invest $7.7 billion in Indonesia. The combined pledges from ExxonMobil and BP highlight growing confidence in the country's improving business climate. Minister of Investment Rosan Roeslani underscored the importance of ExxonMobil's involvement, stating that it far surpasses other recent commitments, demonstrating the trust global corporations have in Indonesia's economic potential.

Prabowo’s Push for Business Reform

President Prabowo Subianto emphasized his administration’s zero-tolerance policy for corruption during the meeting. Assurances of regulatory stability and ease of doing business were key points raised to reassure investors. According to Roeslani, several entrepreneurs expressed their enthusiasm for increasing their investments in Indonesia due to the government’s renewed commitment to fostering a robust and secure investment environment.

Various sectors, including healthcare, digitalization, pharmaceuticals, and minerals, were represented at the meeting, reflecting Indonesia's multi-sectoral approach to attracting foreign capital. Notable attendees included Minister of Foreign Affairs Sugiono, Coordinating Minister for Economic Affairs Airlangga Hartanto, and US Ambassador Kamala Shirin Lakhdir.

A Catalyst for Economic Growth

The CCS investment aligns with Indonesia’s broader energy and environmental policies, aimed at reducing emissions while bolstering economic growth. ExxonMobil’s project is expected to create jobs, enhance technological advancements, and stimulate Indonesia’s energy sector, making it a critical step toward achieving carbon neutrality.

With ExxonMobil's $15 billion commitment, Indonesia is set to become a key player in global carbon capture technologies, ensuring both economic and environmental sustainability.