Singapore, Indonesia sign MOU to develop renewable energy for domestic use and export
Leaders from Singapore and Indonesia have signed a memorandum of understanding (MOU) to develop renewable energy generation projects in Indonesia, both for domestic needs and for export to Singapore.
Known as the Green Corridor Project, it will attract an estimated $50 billion of foreign direct investments to Indonesia, reducing the country’s national determined contributions (NDCs), and transferring renewable energy knowledge and skills into Indonesia.
According to the Sustainable Energy Association of Singapore (SEAS), the Green Corridor plan is to develop a green manufacturing industry, creating "tens of thousands" of green jobs for Indonesians.
Members of SEAS and multiple partners signed the MOU at the Fullerton Hotel in Singapore on March 16. The signing was witnessed by Bapak Luhut Binsar Panjaitan, Indonesia’s Coordinating Minister for Maritime Affairs and Investment (MARVES); and Bapak Rachmat Kaimuddin, Indonesia’s Deputy Coordinating Minister for Infrastructure and Transportation.
Representing Singapore at the signing were Teo Chee Hean, Senior Minister and Coordinating Minister for National Security; Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry; Ngiam Shih Chun, CEO of the Energy Market Authority (EMA); and Edwin Khew, chairman of SEAS.
Members of SEAS and multiple partners working to develop the Green Corridor project include AirCarbon Exchange, Climate Resources Exchange, Durapower Batteries, EDPR Sunseap, ET Solar, Haitai Solar, Huawei, Keppel, Meike Solar, Seraphim Solar, Narada Batteries, Gotion Batteries, SERIS, Sungrow, Vanda RE and VFlowTech Batteries.
These entities have actively engaged with Singapore’s EMA and Indonesia’s MARVES to develop the Green Corridor project in Batam/Riau Archipelago, Indonesia.
“Indonesia is a very close neighbour with longstanding ties, and with whom we have economical, technological and financial synergies,” says Khew. “SEAS took up the challenge to lead this effort because it is ultimately about serving the nation and helping Singapore and Indonesia decarbonise and fight climate change.”
The SEAS chairman adds: “This Green Corridor project is a win-win between Singapore and Indonesia and will open up many more renewable energy projects, where both countries will benefit tremendously.”
SEAS is a non-profit, non-government business association. According to SEAS, it represents the interests and provides a common platform for companies in renewable energy, energy efficiency, e-mobility, smart grids and financial institutions to meet, discuss, collaborate and undertake viable projects together.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.