CO2CRC has welcomed the Federal Labour’s support for carbon capture and storage (CCS) as a key technology for reducing Australia’s carbon emissions while maintaining economic prosperity.
As one of Australia’s CCS research organisations, CO2CRC owns and operates the Otway National Research Facility in Victoria, one of Australia’s most advanced field scale CCUS research sites.
Through collaboration with internationally respected industry, academic and government partners, CO2CRC delivers innovative research, products and service designed to improve the cost-effectiveness and demonstrate the environmental integrity of CCUS technologies and methodologies.
Welcoming the support, Martin Ferguson, CO2CRC’s Chairman, said, “The Federal Labour Party’s support for methodologies for the generation of Australian carbon credit units from CCS projects acknowledges the value that CCS can bring in strengthening investment and jobs while reducing emissions.”
“Australia is well positioned to capitalise on utilising CCS to lower CO2 emissions with access to the latest CCS technologies and expertise. It also has some of the world’s best deep sedimentary basins in which to store carbon dioxide and a highly skilled and internationally recognised resources industry.”
“The value of carbon capture utilisation and storage (CCUS) is its versatility as a technology option. Its applications extend to industrial processes vital to Australia’s economy like gas processing, steel and cement production as well as power generation.”
“CCUS projects offer a large emissions reduction opportunity (millions of tonnes for 20+ years) which is an order of magnitude higher than many other abatement options. For example, the Gorgon LNG and CarbonNet Projects each plan to geologically store four Mtpa CO2 per year.”
“While it is disappointing that Federal Labour has not supported changes to the remit of ARENA and the CEFC to enable these bodies to finance the widest range of low emissions technologies (including CCUS), today’s announcement is a clear step forward for the development of bipartisan energy policy in Australia,” Ferguson concluded.