As Governments and industry worldwide further commit to lower carbon emissions ahead of net zero 2030 and 2050 targets, Australia has given its efforts a major boost following a $250m cash injection into the development of commercial-scale carbon capture, utilisation and storage (CCUS) projects across the country.
The investment will be split, with $100m to support design and construction of carbon capture hubs and infrastructure and $150m to go into supporting research and commercialisation of carbon capture technologies and identifying storage potential.
Part of the Government’s ‘technology not taxes’ approach to emission reduction, Angus Taylor, Minister for Energy and Emissions, said that lowering storage costs is an important element to mitigating excess carbon emissions.
The initiative will also see the creation of up to 1,500 jobs in the region.
Referencing analysis conducted by the International Energy Agency (IEA), Taylor said that half of the global reductions required to achieve net zero will come from technologies that are not yet ready for commercial deployment.
He continued, “That’s why we’re partnering with industry to accelerate new projects and unlock the emissions and economic benefits of carbon capture technology.”
Home to Gorgon, one of the largest carbon capture facilities in the world, the Australian Government regards these technologies as being essential in achieving the goals set by the Paris Agreement.
Keith Pitt, Minister for Resources and Water, said that the technology will be complementary towards the use of Australia’s existing natural resources such as coal.
“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,” he added.
Supported programmes are anticipated to be fully operational by 2029.