His Excellency Bapak Bahlil Lahadalia, Indonesia Minister for Energy and Mineral Resources, 

 

Distinguished guests, 

 

Friends from Indonesia, 

 

Selamat Pagi. 

 

1. I am very honoured to be here today to sign the MOUs on Cross Border Electricity Trade, Carbon Capture and Storage (CCS) and Sustainable Industrial Zone with his Excellency Bapak Bahlil. 

 

a. These MOUs mark a significant step forward in our shared win-win vision for a low-carbon and resilient future. 

 

b. I just met Bapak yesterday, and we had a constructive exchange on how we can realise our vision in a mutually beneficial manner. 

 

c. Today’s signing ceremony is not just symbolic – it reflects our shared resolve to translate our ideas into actions – and to do so in close partnership and mutual trust. 

 

2. Amidst the backdrop of climate change and a volatile economic landscape as we have all experienced today, these MOUs offer win-win opportunities – to grow and decarbonise our economies in a sustainable way, spur innovation and unlock new growth areas. All the more we should seize these opportunities at this time. 

 

a. They are a concrete step to anchor long-term cooperation. 

 

3. First, on cross-border electricity trading. 

 

a. These projects have the potential to attract significant capital investment, generate foreign exchange earnings, and increase annual tax revenue. 

 

b. These exports would also catalyse growth in Indonesia’s renewable energy manufacturing sector, and strengthen its wider supply chain – creating jobs and attracting long term investments. 

 

c. Together, Singapore and Indonesia are also laying the foundation for a more connected ASEAN Power Grid and a more secure and sustainable energy future for all. 

 

4. Second, on cross-border carbon capture and storage.

 

a. CCS is necessary for the decarbonisation of hard-to-abate economic activities in both Singapore and Indonesia.

 

b. It is not a new technology, but if Indonesia and Singapore succeed in making cross-border CCS a reality, we will be the first countries in Asia to do so.  

 

c. Achieving this vision will create a major new business opportunity for Indonesia, and spur new investments and jobs.  

 

d. Southeast Asia has the potential to permanently lock away 133 gigatonnes of carbon dioxide. 

 

e. Singapore’s project of just 2 million tons per year can be a pathfinder project for a country like Indonesia which has ambition to lead the whole region as a CCS Hub.

 

5. Third, we will also form a joint taskforce to study the development of a Sustainable Industrial Zone (SIZ) in Bintan, Batam and Karimun (BBK). 

 

a. This builds on the many years of cooperation we have between Singapore and Indonesia to attract investments into BBK.

 

b. The SIZ MOU shows our joint commitment to continue this cooperation in BBK, specifically forenergy and carbon collaboration projects, which would catalyse even more industrial activities in Indonesia.

 

Conclusion 

 

6. As the saying goes, if we want to go far, we must go together.

 

7. Singapore remains committed to working with Indonesia and other partners to support one another’s journey to net-zero. 

 

a. Let us continue to collaborate in good faith, to develop new opportunities for innovation, cooperation and sustainable partnership.

 

8. Thank you.