The Australian Government has just opened the $50 million Carbon Capture, Use and Storage (CCUS) Development Fund, boosting support for carbon capture projects.
Carbon capture and storage technologies are one of five priority areas for investment
As part of the Technology Investment Roadmap, carbon capture and storage technologies have become one of five priority areas for Government investment.
Minister for Energy and Emissions Reduction Angus Taylor said these kinds of technologies would be critical to achieving net zero emissions from power generation, natural gas and hydrogen production.
These technologies will also help process emissions from heavy industries like cement and fertiliser production.
“Australia has the potential to be a world leader in geosequestration. We have the right geology and storage basins,” Minister Taylor said.
“The CCUS Development Fund will provide targeted support to a wide array of carbon capture, use and storage opportunities, including carbon recycling, negative emissions/direct air capture, and carbon capture and storage.”
The Government’s investment will help reduce technical and commercial barriers to deploying these technologies and identifying potential project sites.
The CCUS Development Fund will also bring in new investments from the private sector, supporting jobs and Australia’s economic recovery, particularly in regional areas.
“This investment is a practical example of the Morrison Government’s commitment to being a low emissions technology leader and reducing emissions through technology, not taxes,” Minister Taylor said.
“Australia’s potential to permanently and safely store emissions underground is being closely watched by our trading partners, including Singapore and South Korea.”
Minister for Resources, Water and Northern Australia Keith Pitt said the Fund will be the key to further reducing emissions and ensure our premium quality coal for decades to come.
Successful projects will share up to $50 million in grant funding.
The CCUS Development Fund is part of the $1.9 billion new energy technologies package in the 2020-21 Budget, building on the Government’s previous support for CCS technologies.
The Government is actively pursuing opportunities to collaborate on technology solutions with Japan, Singapore, the United Kingdom and the United States.
Investing in low emissions technologies will contribute to Australia’s continued success in meeting and beating our emissions reduction targets. Australia beat its 2020 target by 459 million tonnes and we are on track to meet and beat our 2030 Paris target.
Australia’s Technology Investment Roadmap is a plan to create jobs, cut energy costs and reduce emissions, guiding $18 billion of Government investment over the next 10 years and driving at least $70 billion of total new investment in low emissions technologies in Australia by 2030.
The Technology Investment Roadmap will support 130,000 jobs by 2030 and avoid in the order of 250 million tonnes of emissions by 2040.