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Finkel review recognises CCS’ role in Australia’s energy future

Friday, 9 June 2017
Melbourne

Friday 9 June 2017: The world authority on carbon capture and storage (CCS) has praised the Finkel National Electricity Market Review’s `technology neutral’ approach, saying it allows CCS and other clean technologies to redress current weaknesses in Australia’s electricity system, alongside climate change commitments.

Speaking on his return from the eighth Clean Energy Ministerial (CEM8) in Beijing, CCS Institute CEO, Brad Page, said he welcomed the Review Panel’s call for a Clean Energy Target describing it as focused, far-sighted and sensible.  

“A Clean Energy Target is great news and effectively kills two birds with one stone. Through incentivising a whole raft of clean energy alternatives like CCS, energy security is strengthened and CO2 emissions are reduced.”

Mr Page said the Review Panel’s acknowledgement that fossil fuel generators equipped with CCS can provide secure, dispatchable power, and that CCS has a role to play in eliminating industrial emissions were consistent with messages being echoed around the world stage.

“The Panel’s technology neutral approach has given a clear signal of the direction that needs to be taken to ensure Australia does not fall prey to further energy uncertainty.

“CCS is a safe, proven and cost effective technology that will significantly reduce emissions from a variety of industries as well as provide controllable power output. Fossil fuel generators need to be CCS-equipped for a reliable grid and a clean atmosphere.

“Coupled with the Government’s announcement that it would remove the Clean Energy Finance Corporation (CEFC) prohibition on CCS funding, CCS can now play a more decisive role in delivering a secure and decarbonised energy future in Australia.”

“Having been involved in a very similar review in 2002, Mr Page said Dr Finkel and his team must be commended for taking an expansive and considered approach to what is a highly complex and very volatile energy challenge.

There are currently 17 large scale CCS facilities in operation or around the world today, in a full range of industries. Five are poised to start in the next 12-18 months, including Australia’s Gorgon CO2 CCS Facility.

Countries like China, United States and Canada are at the forefront of climate innovation, building CCS facilities that will help reduce greenhouse emissions.

Further information about the Global CCS Institute’s submission to the Finkel Review can be found on the publications’ section of the organisation’s website here.

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For media enquiries, contact:

Antonios Papaspiropoulos: +61 401 944 478, Antonios.Papaspiropoulos@globalccsinstitute.com

Annya Schneider: +61 422 729 554, annya.schneider@globalccsinstitute.com 

 

About the Global CCS Institute: The Global CCS Institute is an international membership organisation. Our mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security.

Working with and on behalf of our Members, we drive the adoption of CCS as quickly and cost effectively as possible by sharing expertise, building capacity and providing advice and support so that this this vital technology can play its part in reducing greenhouse gas emissions.

Our diverse international membership consists of governments, global corporations, small companies, research bodies and nongovernment organisations, committed to CCS as an integral part of a low-carbon future. We are headquartered in Melbourne, Australia with regional offices in Washington DC, Brussels, Beijing and Tokyo. For more information, visit www.globalccsinstitute.com