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“New economy” dependent on CCS, climate conference agrees

Monday, 19 June 2017

June 19, 2017: Asia Pacific CCS representatives meeting in Melbourne have heard that carbon capture and storage (CCS) is the harbinger of a new economy that can deliver jobs, energy security and a cleaner environment but far-sighted, technology-neutral policies are integral to its success.

Speaking at the Asia Pacific CCS Forum in Melbourne, Global CCS Institute Asia Pacific General Manager Alex Zapantis, said CCS could revolutionise the broader industrial sector if it was given the same consideration and incentivisation as other clean technologies.

“CCS is not just a one-trick pony that can only clean up coal. It is impressively versatile, able to decarbonise a broad range of otherwise problematic emissions from industries including steel, chemicals, plastics, paper, and fertilisers.

“These industries are fundamental to keeping economies afloat and jobs alive. Policy makers need to think far more laterally about the value and benefits of CCS as a technology that can deliver enormous commercial returns, particularly in areas like hydrogen production.”

Mr Zapantis said the Asia Pacific region was making huge strides in CCS deployment with Australia opening the new opportunities for CCS incentivisation, Japan exploring hydrogen development in the Latrobe Valley, and China is advancing CCS/CCUS development across eight different fronts. Facilities in South Korea and Japan are also paving the way for further development of CCS in Asia.”

“There are signs that CCS’ star is rising but time is of the essence. Bold action is needed if we are to meet energy imperatives at the same time as reaching climate change obligations.”

The Global CCS Institute’s annual flagship conference has gathered more than 100 regional experts, policy makers, government representatives and industry members to discuss the latest developments in CCS. Speakers include representatives from governments, energy agencies and environmental ministries.

Keynote speaker, Australian Ambassador for the Environment, Patrick Suckling, reinforced CCS’ critical role as a proven climate change mitigation technology.

“The climate is changing faster than scientific consensus expected even five years ago. The Paris Agreement is the first ever truly global response to this global threat and CCS needs to play a role.”

“Without CCS the IPCC says the cost of meeting global targets would double and the IEA says the transition to a clean power sector will greatly exceed at $3.5 trillion.

“CCS is a proven technology and is the only way to reduce emissions across many sectors, energy, chemicals, industrials, steel to name a few. Innovation and learning by doing are driving down costs, but we need to do more. It is in Australia’s interests to strive for greater global engagement on this issue.”

New analysis from the International Energy Agency confirms that CCS is a critical technology for a manageable and sustainable energy transition.

Speaking at the Forum, IEA Energy Analyst Samantha McCulloch said: “CCS is one of few technology options capable of bridging the gap between the continued use of fossil fuels for power generation and in industry, and a pathway to achieving globally-agreed climate goals.”

The IEA’s latest Energy Technology Perspectives publication confirms that the more ambitious the climate goal, the more CCS is required”.

Also speaking at the Forum, CO2CRC Chairman, Martin Ferguson AM, said CCS is a technology that is hard to ignore and that its fate rests as much in Parliaments as it does at power stations, steel or LNG facilities.

“Less than three weeks ago, the Australian Government made the decision to allow the Clean Energy Finance Corporation to invest in CCS alongside traditional investment targets such as solar and wind power. ‘Policy parity’ has been a long-term goal of CO2CRC and the Institute. It represents a coming of age for CCS.”

There are currently 17 large-scale CCS projects around the world. Five additional commercial projects poised to commence operations in the next 12-18 months, including Australia’s Gorgon CO2 Injection facility.

Ends

 

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