The Australian Petroleum Production & Exploration Association (APPEA) has recognised that the recent carbon capture and storage (CCS) report published by the Global CCS Institute demonstrates momentum behind CCS as a ‘key emission technology’.
The report, entitled 2021 Global Status of CCS, reveals a growth of almost 50% in the carbon capture capacity of CCS facilities within the past year.
Saying that the report confirms CCS is a ‘game changer’ when it comes to mitigating climate change, Andrew McConville, Chief Executive, APPEA, added, “CCS is a proven solution to reducing emissions and is making a real difference to global emissions now.”
With international climate change conference COP26 just around the corner, more industry and Government representatives are taking interest in the potential of CCS to help reach net zero emission targets.
The widespread adoption and subsequent scaling-up of CCS technology is set to reduce its cost, creating further opportunity for all nations, including those with developing status, to become involved in its use.
By supporting the hydrogen and ammonia industries CCS is set to play a key role in the energy transition.
Calling CCS ‘a chance Australia shouldn’t miss’, McConville said that the 27 projects currently operational, including Australia’s own Gorgon CO2 Injection Project – the largest dedicated CCS project in the world is a sign that the world is noticing the opportunity for the technology.
Cumulatively these projects add up to a carbon capture capacity of around 111 million tonnes of carbon dioxide (CO2) per year.
“Australia needs low-cost emissions abatement to maintain its position as a leading energy exporter and ensure our international competitiveness in a net zero emissions future,” concluded McConville.