Australia Commits US$180 million For Carbon Capture Projects
The Government of Australia has committed A$250 million (US$180 million) to a new programme which will accelerate the development of commercial-scale carbon capture, use, and storage (CCUS) projects across Australia.
The Government said in a statement that the CCUS programme could create up to 1,500 jobs and that US$72 million would support the design and construction of carbon capture hubs and shared infrastructure while US$108 million would support research and commercialisation of carbon capture technologies and identify viable carbon storage sites.
Minister for Energy and Emissions Reduction Angus Taylor said that driving down the cost of storing carbon underground was an important element of the Government’s “technology, not taxes” approach to reducing emissions.
“The projects supported by the CCUS Hubs and Technologies Program will boost delivery of long-term emissions reductions while generating new jobs across the country, particularly for regional Australia,” Mr Taylor stated.
“Analysis by the International Energy Agency shows that half the global reductions required to achieve net-zero will come from technologies which are not yet ready for commercial deployment. That’s why we’re partnering with industry to accelerate new projects and unlock the emissions and economic benefits of carbon capture technology.
“The IEA and IPCC both regard carbon capture technologies as essential to achieving the goals of the Paris Agreement. Australia already has one of the world’s largest carbon capture facilities and these technologies could substantially reduce emissions from industry in the future. By supporting the development of Clean Hydrogen Industrial Hubs and Clean LNG production, we are giving Australian energy exports a competitive edge in our region,” he added.
Minister for Resources and Water Keith Pitt further stated that the technology would support the ongoing use of Australia’s abundant natural resources, including coal.
“Technology like this will be the key to further reducing emissions and ensure our resources will play an important role in providing Australia, and the world’s, energy needs,” Mr Pitt claimed.
“Australia has shown that a reduction in emissions can be achieved alongside a strong resources sector and this technology will ensure it continues to make a significant contribution to our economy and jobs for decades to come.”
The Australian government believes that the projects supported by the programme would be fully operational by 2029, with co-investment from international partners and state and territory governments strongly encouraged.
The programme builds on the success of the US$36 million CCUS Development Fund and is expected to strengthen collaboration with a range of countries including the US, UK, Japan, and Singapore, who are also investing in carbon capture technologies.
Source: Rigzone