US petrochemical giant ExxonMobil has pledged to invest $10 billion in what will be Indonesia’s first carbon capture and storage project. The collaboration was formalised by the signing of a Memorandum of Understanding in Jakarta in late January and has been reported by multiple news sources.

According to Chemanalyst News, the building of a petrochemical refinery “focused on producing plastics and supporting Indonesia’s value-added processing initiatives” is also envisaged; the initial investment could increase to $15 billion.

Chemanalyst News also reports that once operational, the CSS facility is expected to store 3 million tons of carbon dioxide annually, making it “potentially the largest in Southeast Asia.”

Quoted by the Jakarta Globe, senior Indonesian minister Airlangga Hartarto said after the signing that the project “is expected to deliver a significant impact on various sectors in Indonesia. … It will create jobs and show the commitment to sustainability. This CCS technology is capable of absorbing 90 percent of the emissions [from industrial sources].”