ExxonMobil, Pertamina sign $2.5B carbon capture deal - Breaking The News

ExxonMobil, Pertamina sign $2.5B carbon capture deal

14 November

1 min read

EPA/JULIEN WARNAND

ExxonMobil and Indonesian state-owned company Pertamina signed a $2.5 billion carbon capture deal, the White House announced on Monday.

The two companies will work on assessing the development of a regional carbon capture and sequestration hub in Indonesia with the goal of cutting the country's carbon emissions and helping it achieve net-zero emissions by 2060. The agreement, which was announced amid US President Joe Biden's visit to Indonesia for the G20 summit, "will enable key industry sectors to decarbonize," the White House noted.

During Biden's visit, the US and Indonesia also agreed to launch a $698 million initiative to support the development of climate-conscious transportation infrastructure with the US contributing $649 million and Indonesia $49 million.

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