Senior Minister Teo Chee Hean emphasizes ASEAN’s pivotal role in advancing net-zero ambitions, highlighting key sustainability pathways at the Indonesia International Sustainability Forum 2024.

ON September 5, 2024, Singapore’s Senior Minister Teo Chee Hean delivered a keynote speech at the 2nd Indonesia International Sustainability Forum (ISF) in Jakarta, Indonesia. Addressing an audience of policymakers, business leaders, and environmental experts, Minister Teo highlighted the urgent need for collective action in combating climate change, emphasizing ASEAN’s critical position in global efforts toward a net-zero future.

Minister Teo outlined three key sustainability pathways to achieving ASEAN’s net-zero goals: building up green energy infrastructure, scaling up new green technologies, and financing decarbonization projects. He underscored the importance of the ASEAN Power Grid, which would allow countries with abundant renewable energy, such as Indonesia, to export excess power to neighboring nations. Minister Teo further announced that Singapore and Indonesia are advancing multiple projects that will contribute to this regional power grid, including the import of 3.4GW of low-carbon electricity from Indonesia to Singapore.

In addition to energy infrastructure, Minister Teo highlighted the importance of Carbon Capture and Storage (CCS) technology in ASEAN’s sustainability journey. Indonesia and Singapore have already made strides in this area, with Indonesia implementing cross-border CCS-related legislation and Singapore signing a Letter of Intent for collaboration in early 2024.

Finally, Minister Teo stressed the significance of financing in accelerating decarbonization projects. Singapore’s Financing Asia’s Transition Partnership (FAST-P) aims to mobilize up to US$5 billion to support green and transition projects in the region, helping to bridge the gap between public and private investment in sustainability initiatives.

In closing, Minister Teo expressed optimism about ASEAN’s ability to overcome climate challenges through collaboration and innovation, urging all stakeholders to seize opportunities to build a sustainable future for the region.

Source: PMO