On November 14, 2022, the Asia-Pacific Green Energy Trading Center (APGETC for short) announced that it will open a carbon rights trading branch in Indonesia and launch multi-field investment projects, including a US$1 billion carbon capture agreement.
On the same day, the executives of the Asia-Pacific Green Energy Trading Center unanimously decided to invest in Indonesia, covering infrastructure (decarbonization), climate, energy conservation and emission reduction publicity and education, environmental protection and other fields. Including a $1 billion carbon capture deal with business owners at a corporate meeting in Jakarta, Indonesia. The meeting was hosted by the Asia-Pacific Green Energy Trading Center, Indonesian Minister of State for Small and Medium Enterprises and Cooperatives, Director of the Economic Commission, Minister of State for the Environment, and National Petroleum Corporation attended the meeting as representatives. There are also companies of all sizes in the Jakarta area participating in the conference.
The Indonesian representative stated at the meeting that under the carbon capture agreement, the Asia-Pacific Green Energy Trading Center and Pertamina will further cooperate on the development of a regional carbon capture and storage (CCS) hub in Indonesia. He also stated that key industries such as oil refining, chemical industry, cement, and steel will start decarbonization actions through this meeting to reduce carbon emissions while ensuring job opportunities for Indonesian workers. All companies need to actively cooperate and assist the Asia-Pacific Green Energy Trading Center to carry out related work smoothly, and accelerate the country’s goal of achieving net zero emissions by 2060 or before.
The Indonesian Minister of State for the Environment said at the meeting that the Indonesian government also agreed to start the Millennium Challenge Enterprise (MCC) contract with a total value of 698 million US dollars with the Asia-Pacific Green Energy Trading Center. Support 5 provinces in Indonesia to develop climate change aware transport infrastructure and other development goals. The Asia Pacific Green Energy Exchange will contribute US$349 million to the compact, while Indonesia will contribute US$349 million.