World’s leading authority on carbon capture and storage applauds Government CEFC investment decision
Tuesday, 30 May 2017: The Global CCS Institute applauds today’s decision by the Australian Government to broaden the Clean Energy Finance Corporation (CEFC) mandate and open investments to carbon capture and storage (CCS) technologies.
The Institute hopes the announcement will drive further commercial development of CCS both in Australia and abroad.
In the wake of recent blackouts in South Australia, the federal government has stressed the importance in building a reliable, efficient and low-emissions national energy grid.
Global CCS Institute CEO, Brad Page, said today’s decision was an historical step towards a true low-carbon energy future in Australia.
“Today’s decision is an essential and significant step forward in Australia’s climate policy. This decision reflects the simple reality that a true low-carbon energy future requires CCS as well as renewables.
“Analysis by the International Panel on Climate Change demonstrates that CCS is pivotal in achieving Paris climate change goals. We are at a critical time where we need to address the existing weakness in our energy system to ensure grid resilience and security whilst simultaneously reducing emissions.
“Governments and major industries must take action and accelerate the deployment of CCS by building a solid business case. CCS will help ensure access to clean, reliable and affordable energy.’’
The Global CCS Institute has identified 17 large-scale CCS facilities in operation around the world. Five are poised to start in the next 12-18 months, including Australia’s Gorgon CO2 Injection Facility.
Mr Page said despite CCS being a safe, cost effective and proven technology, policy parity for the technology has been a challenge.
“CCS has received very low levels of support compared to other low-carbon and zero emission energy sources so today’s decision is a very welcome and progressive development.”
In its February submission to the Independent Review into the Future Security of the National Electricity Markets (the “Finkel Review”), the Institute highlighted the need for CCS to be deployed amongst a broad range of clean technologies.
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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