The Australian Government will fund studies for Asia-Pacific (APAC)’s first ever carbon capture and storage (CCS) hub.
The Carbon Capture, Use and Storage (CCUS) Hub & Technology Program (Hub Stream) grant will enable project developers deepC Store Limited (dCS) to conduct Pre-FEED (front end engineering and design) studies to explore the potential of preferred carbon dioxide (CO2) storage sites.
In addition to allowing dCS to pre-negotiate commercial terms with its partners, the grant will also advance negotiations with Nippon Steel Corporation (NSC) to offtake CO2 of up to 5m tonnes per annum from its steel work in Japan, helping to decarbonise a sector that contributes to around 8% of global CO2 emissions.
Commenting on the funding, Jack Sato, Chairman, dCS, said, “We are very pleased to be acknowledged as a part of the CCUS Hub & Technology Program *Hub Stream) through this grant.”
“It clearly indicates the Australian Government’s commitment to reduce Australia’s greenhouse gas emissions and contribute to an effective global solution against climate change.”
dCS’s CStore1 project will see CO2 captured and liquefied from industrial sources in Australia and APAC before being transported by ships to a floating storage and injection hub. Following transportation, the CO2 is permanently and safely stored underground.