Technologies, including carbon capture and storage (CCS), need to be deployed at scale and at a much faster rate than is currently happening to address climate change, said Brad Page, CEO of the Global CCS Institute.
Page was speaking at a unique event organised by the Global CCS Institute, APAC CCS, which discussed the latest developments and outlook for CCS across the Asia Pacific region, and the essential role of CCS in developing of a low-carbon economy.
The Global CCS Institute said the momentum and vital need for CCS technologies has never been greater. According to the findings of the Intergovernmental Panel on Climate Change (IPCC) 1.5°C report, the time for inaction is long past. Experts clearly state that reducing emissions with one or two ‘chosen’ technologies is no longer enough.
Speaking at the event, Page said, “Multiple independent and credible bodies have concluded that to achieve global climate change targets in the time frame required, all technologies are needed, and that CCS is the only likely solution for hard to decarbonise industries such as steel, cement and fertiliser manufacturing.”
He highlighted the positive outcomes of a low emissions transition, and the opportunities CCS presents Australia’s communities, regions and the economy as a whole.
“The versatility of CCS to deliver deep emissions reductions across the power, industrial and transportation sectors, as well as presenting an enormous opportunity for the creation of a new low emissions economy, is a great strength of the technology.”
“CCS leads to economic growth, it sustains communities and creates vital new jobs for regional areas. It also has a major role to play in the just transition for workers currently employed in the energy and industrial sector and preventing the early retirement of productive assets.”
“There is no doubt Australia’s energy transition will be disruptive. However, it can also be a growth story. With an enabling policy framework and increased investment, we will achieve deep emissions reductions while enriching and preserving jobs and communities; including in fossil fuel resource regions.”
Other speakers at the Forum included representatives from the Australian and Victorian governments, UniSuper, Japan Bank for International Cooperation, Santos, Kawasaki Heavy Industries, China Baowu Steel Group and the CO2CRC.
Currently, there are 43 large-scale CCS facilities – 18 commercially, five under construction and 20 in various stages of development. Australia’s first CCS facility, Gorgon, is due to come onstream this year.