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Australian Federal Budget Makes Inclusions for CCS
16th May 2024
The Australian Treasurer, Dr Jim Chalmers, handed down the Federal Budget 2024-25 this week. The budget outlines the government's financial plan, highlighting key priorities, spending allocations, and forecasts.
Importantly, the budget included AU$22.7bn, committed over 10 years, to its Future Made in Australia agenda. Within the Future Made framework, the Government committed $556.1 million over ten years for its Resourcing Australia’s Prosperity program. This program, to be run by Geoscience Australia, will map Australia’s resources and geological storage potential, which will be important for future investment.
The Government also committed $32.6 million over four years for regional cooperation on carbon sequestration, to support the establishment of regulatory frameworks, bilateral agreements and so on.
CCS-related components are among a suite of measures and billions in funding focused on climate mitigation and the transition to a net-zero emissions economy. Net-zero investment has broadly been categorised into five areas:
- Reducing emissions in the energy system and economy;
- Strengthening net-zero industries and skills;
- Climate adaptation and resilience;
- International climate engagement – supporting ongoing bi- and multilateral engagements and a bid to host the 31st Conference of the Parties with Pacific partners;
- and, Building Australian Government climate capability (spending on the capabilities of Government to ensure it effectively delivers on its objectives and to enable a national approach on climate change).
For further information on the Australian budget, view all documentation here.