Norway and Indonesia Strengthen Partnership in Renewable Energy Ventures
Norway is forging a robust alliance with Indonesia aimed at seizing investment prospects in renewable energy, particularly in hydropower and carbon capture and storage (CCS).
July 10, 2024. By News Bureau
This was revealed by Norwegian Energy Minister Terje Aasland while speaking to media. As per reports, Aasland expressed optimism about the partnership's potential despite existing challenges.
“Norwegian expertise in hydropower and CCS could significantly aid Indonesia in curbing emissions,” Aasland noted, highlighting Norway's imminent CCS project, Northern Lights, set to commence carbon dioxide capture from a Brevik cement plant next May.
As per reports, during discussions in Singapore, Aasland engaged with representatives from Norwegian giants like Equinor, DNB, and Yarra, all actively investing in renewable energy, energy storage, and alternative fuels across the Asia Pacific region.
It may be noted that while Norway targets net-zero greenhouse gas emissions by 2050, it continues to explore new oil and gas reserves, including in the Barents Sea, to maintain current output levels projected to peak in 2025.
As Western Europe's leading oil and gas producer, Norway supplies over 4 million barrels of oil equivalents per day (boe/d), with gas deliveries to Europe expected to rise to 120 billion cubic meters (bcm) this year from 109 bcm in 2023.
Aasland stressed on the necessity of securing supply chains for the green transition. “Norway plans to grant exploration permits for seabed mining in the Arctic next year, essential for sourcing minerals crucial in renewable technologies despite opposition from environmental groups and certain European nations,” he said.
"We currently rely on Russia and China, necessitating diversification of mineral value chains in the years ahead," Aasland stated, emphasizing efforts to sustainably develop activities on the Norwegian Continental Shelf.
please contact: contact@energetica-india.net.
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