Last week the Australian Government announced a $50m investment in carbon capture and storage (CCS) projects to help dramatically cut the country’s greenhouse gas emissions.
The funding announcement was all part of the Australian Government’s $1.9bn investment in new energy technologies, which also included $70.2m to develop a hydrogen export hub.
Angus Taylor, Australia’s Minister for Energy and Emissions Reduction, said that getting the next generation of energy technologies right would not only help to keep prices low and the lights on, but would importantly grow jobs, strengthen the economy and reduce emissions.
On top of the $1.9bn announcement, the Government declared further support of $1.62bn for the Australian Renewable Energy Agency (ARENA) to invest, as well as expand the focus of ARENA and the Clean Energy Finance Corporation (CEFC) to back new technologies that will cut emissions in agriculture, manufacturing, industry and transport.
Australia’s investment in CCS technologies has been welcomed by many who see such technologies playing a vital role in decarbonising major industries. Both the Global CCS Institute and CO2CRC last week applauded the announcement.
Brad Page, CEO of Global CCS Institute, said, “Today’s announcement from Government to expand the remits of the Clean Energy Finance Corporation and the Australian Renewable Energy Agency’s beyond renewables is a welcome development.”
“Alongside a funding commitment of $1.9bn, this announcement demonstrates a strong commitment from Government to the development and deployment of the next generation of low-emissions technologies in Australia, including CCS.”
“CCS is a vital emissions abatement technology that is commercially available today and able to strengthen our economy and support jobs. CCS technologies are critical to reducing emissions across hard to abate heavy industries, such as steel and cement manufacturing, that have very few other options to decarbonise.”
“Investment in CCS today, ultimately increasing deployment of the technology in the near to medium term, creates opportunity to invest now to be a future global leader in the production of clean hydrogen, as well as stimulating other clean energy industries such as low emissions chemicals and fertiliser production.”