Indonesia and Singapore just struck a deal that could majorly boost both countries’ economies, according to Reuters. 

In early June, they agreed to collaborate on carbon-capture projects and trade low-carbon electricity. This commitment to renewable energy aligns with an earlier agreement, in which Indonesia agreed to export solar panels to Singapore.

This most recent deal lays the groundwork for a long-term collaboration on future renewable energy projects. At the time of writing, the nations are planning to develop sustainable industrial sites.

Bahlil Lahadalia, Indonesia’s energy minister, announced that he expects the deal to rake in over $10 billion in investments from solar panel manufacturing, per Reuters.

Renewable energy — energy from sources such as solar, wind, and bioenergy — is outpacing older systems in critical markets. It provided a record-high 32% of the world’s power last year, and it’s only getting bigger. According to the U.S. Department of Energy, the global market for renewable energy is projected to be worth $23 trillion within the next five years. 

This has led to exponential job growth across the world. A report from the International Labour Organization stated that about 2 million renewable energy jobs were created from 2022 to 2023 alone. 

The switch to renewable energy also benefits the planet. Unlike fossil fuels, which pollute the atmosphere and harm people’s health, renewable energy sources produce no pollution (and can even reduce it in some cases).

While the road ahead may be long, countries such as Singapore and Indonesia are setting an important precedent. In a press release, Dr. Tan See Lang, a leader in the Energy, Science, and Technology faction of Singapore’s Ministry of Trade and Industry, said: “These win-win partnerships will support both countries in achieving a resilient and lowcarbon energy future, and generate new investments into green activities, while we do our part for global climate action.”

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