Australian Government response to King Review paves way for increased CCS investment
19th May 2020 - Australia, CCS, Investment, Policy
Melbourne – 19 May 2020 – The Global CCS Institute, an international think-tank backed by governments, industry, research and financial institutions, today welcomed the Morrison Government’s response in accepting all carbon capture and storage (CCS) recommendations made by an expert panel review into emissions reductions policy in Australia.
“We welcome the Government’s response to the King Review as a critical step forward in unlocking private sector investment and accelerating the deployment of CCS in Australia”, said Brad Page, CEO of the Global CCS Institute.
The accepted recommendations included legislative amendments to enable the development of a CCS method within the $2 billion Emissions Reduction Fund, expansion of the Clean Energy Finance Corporation and Australian Renewable Energy Agency to open up private sector investment in CCS and the development of a co-investment program to accelerate investment in emissions intensive heavy industries.
Mr Page said the response signals the accelerated commitment to progressing CCS technologies in Australia, as well as providing recognition of the key role CCS can play in decarbonising the hard-to-abate industrial sectors and unlocking new clean energy options.
“As demonstrated by the IPCC, the IEA and others, the rapid deployment of large-scale CCS technologies, in particular across emissions intensive heavy industry with very few alternative decarbonisation solutions, is vital if we are to reduce emissions to net-zero emissions by mid-century and achieve global climate change targets”.
“For this to happen at the scale required, robust policy frameworks and increased collaboration between the public and private sectors are essential to manage and reduce risks and stimulate investment”.
“The increased deployment of CCS in Australia also provides the opportunity to transition to a net-zero emission economy and secure a clean energy future, whilst sustaining local communities reliant on extractive industries”, said Mr Page.
CCS is a proven versatile technology that reduces emissions from industry, power generation and hydrogen production and enables negative emissions through bioenergy with CCS and direct air capture. Globally, there are now 19 large-scale CCS facilities capturing an estimated 40 million tonnes of CO2 every year. An additional 32 facilities are at various stages of planning and development. Australia is the home to the world’s largest geological storage facility – the Gorgon project.
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About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change. Working with and on behalf of our Members, we drive the adoption of CCS as quickly and cost effectively as possible; sharing expertise, building capacity and providing advice and support so CCS can play its part in reducing greenhouse gas emissions.