$250m shot in the arm for carbon capture

The Federal Government has committed $250 million to a new program to advance carbon capture utilisation and storage (CCUS) hubs and technologies. Minister for Resources and Water Keith Pitt said the technology would support the ongoing use of Australia’s abundant natural resources, including coal. “Technology like this will be the key to further reducing emissions and ensure our resources will play an important role in providing Australia, and the world’s, energy needs,” Mr Pitt said. “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.” The CCUS Hubs and Technologies Program will operate across two streams: $100 million will support the design and construction of carbon capture hubs and shared infrastructure, and $150 million will support research and commercialisation of carbon capture technologies and identify viable carbon storage sites. Low Emission Technology Australia welcomed the investment as another shot in the arm needed to accelerate the deployment of this critical technology in Australia. LETA is helping progress Glencore’s CTSCo project in the Surat Basin, which aims to demonstrate Australia’s first full-scale, operational and end-to-end use of CCUS on a coal-fired power station. LETA chief executive officer Mark McCallum said Queensland had world-class carbon storage sites capable of permanently and safely storing potentially billions of tonnes of CO2 from many sources, and LETA was willing to invest more than $100 million to lay the foundations of a Queensland carbon hub in the Surat region. “CCUS is not a technology in its infancy and becomes more affordable with every project and facility developed,” Mr McCallum said. “It is a recognised, proven technology working in more than 25 countries around the world today. “There is a growing movement for CCUS globally and the over-subscription to the Australian Government’s $50 million CCUS Development Fund by a factor of eight illustrates the interest here. “What we’re trying to do in Australia, along with countries like Norway, the US, Canada and the UK, is advance it, rapidly, to develop it to scale and deliver its emissions reduction potential. “The CCUS Hubs and Technologies grant program announced today is another step forward in those efforts. “Government support, in conjunction with pragmatic, workable policy settings, will be integral to progressing the technology, incentivising investment and lowering the cost curve.”

$250m shot in the arm for carbon capture

Industry Queensland

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