Singapore and Japan deepen collaboration opportunities on carbon capture and storage

27 September 2024

The Ministry of Trade and Industry (“MTI”) announced on 21 August 2024 the signing of a Memorandum of Cooperation (“MOC”) between Singapore and Japan to pursue collaboration on carbon capture and storage (“CCS”). The MOC was signed on the sidelines of the Asia Zero Emissions Community (“AZEC”) Ministerial Meeting in Indonesia. 

CCS is the process of capturing, transporting, and storing carbon dioxide as a way of decarbonising emissions from hard-to-abate sectors such as energy and chemicals, power, and waste. It is recognised as crucial in achieving net zero emissions by 2050 to mitigate the effects of global warming. 

The MOC will facilitate knowledge exchange between Singapore and Japan on best practices for cross-border CCS and sharing insight on CCS technology. It will also aim to accelerate CCS adoption in the region. 

AZEC representatives issued a joint ministerial statement (“statement”) that acknowledged and reaffirmed the countries’ shared goals, including in relation to energy transition. It noted the commitment of AZEC countries to accelerate the global energy transition and follow through on the collective commitments on global efforts including tripling renewable energy capacity globally, doubling the global average annual rate of energy efficiency improvements, accelerating zero-and low-emission technologies and transitioning away from fossil fuels in energy systems in a nationally determined manner, taking into account the Paris Agreement and their different national circumstances, pathways and approaches. 

The statement went on to recognise that the transition to net zero emissions presents economic opportunities for all countries, and that ambitious nationally determined contributions linked to clear national transition plans that are aligned with long term low greenhouse gas emission development strategies, will help identify investment priorities and opportunities, drawing in public and private capital to underwrite the transition to net zero. 

Reference materials 

The MTI press release with the statement appended is available on the MTI website www.mti.gov.sg by clicking here.