press release BNEF Net Zero Summit – Collaboration As Key For A Lower Carbon Future

Bali, November, 12, 2022 — Chevron, the Coordinating Ministry for Maritime Affairs and Investment and the Asia Natural Gas and Energy Association (ANGEA) today joined together to highlight how collaboration can enable a lower carbon future at the BloombergNEF (BNEF) Net Zero Summit in Bali.

With the eyes of the world on Bali ahead of the prestigious B20 and G20 Summits hosted by the Government of Indonesia, the BNEF summit, an official B20/G20 event, brought together business leaders and investors from across Asia to collaborate on their shared pathway to net zero.

Chevron joins the BNEF Summit following the announcement yesterday of an agreement with Pertamina and Keppel Infrastructure to explore the development of green hydrogen and ammonia projects in Indonesia.

“Collaboration is essential in supporting innovation and driving the energy transition. Chevron is committed to collaborating with stakeholders to meet national energy goals. ANGEA and the Government of Indonesia have shared valuable insights into how industries, associations, and governments can collaborate in achieving net zero emission targets in Indonesia and the wider Asia Pacific region,” said Wahyu Budiarto, Country Manager for Chevron Indonesia.

“By 2025, the Indonesian government has set a target for the use of renewable energy to reach 23%¹, which is affirmed through the energy transition roadmap included in the Grand National Energy Strategy (GSEN). To achieve this target, collaborations between the private sector, government, and related institutions are crucial, especially in balancing energy access, environmental & socio-economic impacts, and technology development. This can accelerate the achievement of Indonesia's net zero emission target,” said Ridha Yasser, Director of Energy, Coordinating Ministry for Maritime Affairs and Investments.

“Chevron believes the future of energy is lower carbon. Our approach is to build and strengthen key relationships and collaborate actively in the development of lower carbon solutions in countries with high energy needs where we can accelerate the ongoing energy transition by providing breakthrough technology and operational expertise,” said Manish Misra, Vice President of Strategy & Integration at Chevron New Energies.

According to Indonesia’s Central Statistics Agency (BPS), Indonesia’s energy needs are projected to reach 2,9 barrel of oil equivalent (BOE) by 2050. To meet these needs, partnerships amongst various stakeholders, including natural gas providers, can be aligned with the growing use of renewable energy a position that the newly formed ANGEA supports.

“Collaboration is critical to both energy security and the energy transition, they are two sides of the same coin if you get the right enabling policies. To advance a lower-carbon energy future and enable economic growth we need to pool our collective strengths and build new value chains around the region that enable the scaling up of new technologies like CCUS, Hydrogen and ammonia.” Paul Everingham stated, Chief Executive Officer ANGEA.

¹ Harnessing renewable energy investment sector in Indonesia | BKPM