Institute Welcomes Australian Government Funding for CCS Hubs, Stresses Need for Policy Confidence
30th September 2021
The Global CCS Institute welcomes the Australian Government’s announcement today of $250 million in funding for carbon capture and storage (CCS) hubs, while emphasising the need for long-term climate policy.
The Australian Government has committed $250 million to the CCUS Hubs and Technologies Program. The program will operate across two streams, providing $100 million for the design of hubs, and $150 million for the research and commercialisation of CCUS technologies and the identification of carbon storage sites.
Minister for Energy and Emissions Reduction, Angus Taylor, highlighted that the program may create up to 1,500 jobs and would play an important role in climate mitigation.
The Institute’s General Manager – Commercial, Alex Zapantis, said the announcement further reinforced the crucial role CCS would play in reaching net-zero emissions by mid-century.
“CCS is a proven technology suite with 27 operational facilities and many more in development. The IPCC and many other credible organisations highlight a critical role for CCS into the future, particularly in decarbonising hard-to-abate industrial sectors including chemicals, fertilisers, steel and cement,” said Mr Zapantis.
“Projects are becoming increasingly diverse and CCS hubs will be integral to transforming emissions-intense industries, protecting local economies and creating new jobs. The Global CCS industry must grow by one hundred-fold by 2050 to achieve the targets of the Paris Agreement, creating up to a 100,000 construction jobs and ongoing jobs for 30 – 40,000 people globally.”
“Funding is significant and will play a role in driving investment. CCS and other climate mitigation and clean energy technologies require ongoing policy confidence to enable long-term, sustainable investment. A set of lasting policies aligned with clear, medium-term targets is essential to achieving net-zero.”
The announcement comes ahead of COP 26 in Glasgow.
Matt Steyn (Melbourne): +61 405 018 007 email@example.com
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 and provide energy security. For more information, visit www.globalccsinstitute.com