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.
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