Australian carbon capture, ulitilisation and storage (CCUS) related projects are integral to Australia meeting its 2050 net zero target and the funding commitments announced by the Coalition today are a welcome contribution that help develop the technologies and accelerate the transition to a low-carbon economy.
CCUS is a vital technology for global and national development.
The International Energy Agency and the UN Intergovernmental Panel on Climate Change see CCUS as critical for net zero.
Indeed, all credible pathways to net zero include a significant role for CCUS technologies.
Glencore’s Carbon Transport and Storage company (CTSCo) Project is one of Australia’s most advanced onshore CCUS projects.
This funding announced today includes $25 million, matched by industry, for Australian National Low Emissions Coal Research and Development (ANLEC R&D) to assess the feasibility of a zero emissions Allam-Fetvedt Cycle generator in the National Electricity Market as well as up to $20 million for Glencore’s Carbon Transport and Storage company’s Surat Basin Hub Scale Storage Appraisal and Development Project and up to $15 million for CTSCo’s Surat Basin Test Injection Project.
This is a welcome contribution that will help lay the foundation for a Queensland CCUS hub and establish clean industries of the future, including hydrogen and ammonia both of which will be needed by Australia and our long standing Asian trading partners in order to reach net zero by 2050.