Technology Investment Roadmap demonstrates vital role of CCS
22nd September 2020
Melbourne – 22 September 2020 – The inclusion of CCS as one of five priority technologies in the Australian Government’s Technology Investment Roadmap released today underscores CCS’s role as a vital low-emissions technology that can deliver multi-million tonne abatement at competitive costs.
In welcoming the Roadmap, CEO of the Global CCS Institute, Mr Brad Page said CCS is a proven class of technologies and a vital part of Australia’s low-emissions future.
“CCS has been in commercial operation around the world for decades, in a wide variety of industries. Its applications are exceptionally broad and especially suited to the so-called hard-to-abate sectors like steel manufacturing, cement and fertiliser production. It is backed by both the IPCC and the IEA as a vital technology for reducing emissions to net-zero by mid-century and achieving global climate change targets, including for its role in carbon dioxide removal”.
“Globally, investment in CCS facilities is accelerating quickly as governments and industry alike recognise the necessity to deploy the technology along with all other options to address climate change and achieve net zero emissions by mid-century. Indeed, Norway announced yesterday that it will be proceeding with a globally significant integrated CCS project capturing emissions from a cement plant and storing them in a new offshore geological storage facility. Australia is far from being alone in pursuing CCS”, said Mr Page.
“Australia is home to a number of industries where CCS is the key to decarbonisation. In several cases, these industries involve processes that deliver near-pure CO2 gas streams, ready for storage at low cost. The $20/tonne target for transportation and storage of CO2 announced today is realistic and achievable with the appropriate policy settings in place”.
“Australia is blessed with abundant, world-class geological resources required to safely and permanently store CO2. These resources are often in close proximity to large industrial CO2 sources with a very low cost of capture”.
Mr Page said this drives down CO2 transport costs and, when coupled with Australia’s CCS expertise and experience, provides the country with a global comparative advantage in CCS deployment.
“If anything, this happy coincidence of assets and capabilities could indicate a larger role for CCS in Australia than the global average, and the opportunity for our nation to become a global leader in the deployment of CCS as an emissions reduction technology”.
The production of low-cost, near-zero emissions hydrogen with CCS is one clear example of this opportunity for Australia, said Page.
“Hydrogen production from fossil fuels with CCS is the lowest cost source of clean hydrogen and is operating at full commercial scale today. Currently, approximately 98% of hydrogen production world-wide is from the reformation of methane or the gasification of coal or similar materials of fossil-fuel origin. Already, seven hydrogen production facilities in the world are fitted with CCS technology and operating successfully and commercially”.
“It is proven beyond doubt that the lowest cost production of clean hydrogen is from coal gasification or steam methane reformation with CCS. It is one third to one half the cost of renewable powered electrolysis and is expected to remain so well beyond 2030”.
“CCS offers enormous potential to deliver substantial emission reductions using technologies that are available right now at low cost, whilst also helping the economy, a factor that has never been more important than today”, said Mr Page.
Lucy Temple-Smith (Melbourne): +61 466 982 068 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. 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.