Six new carbon capture projects have been funded by the Government, accelerating the goal of reducing emissions and supporting new economic opportunities and job creation.
Under the Carbon Capture, Use and Storage (CCUS) Development Fund, six companies have been given a total of $50 million to develop carbon capture technologies. The projects will create close to 470 direct jobs and deliver $412 million of investment in their respective locations.
The successful applicants are committed to doing the following:
Minister for Energy and Emissions Reduction Angus Taylor said the International Energy Agency (IEA) and Intergovernmental Panel on Climate Change (IPCC) both regard carbon capture technologies as essential to achieving the goals of the Paris Agreement.
He also revealed that the IEA’s analysis has shown that half the global carbon reductions required to achieve net-zero will come from technologies that are not yet ready for commercial deployment, prompting the Australian Government to partner with industry to accelerate new projects and unlock the emissions and economic benefits of carbon capture technology.
“We received funding applications to support $1.2 billion of investment in carbon capture projects and technologies,” Minister Taylor said.
“The projects we have supported through this program include a number of exciting, Australian-first technology demonstrations.”
Australia already has the world’s largest carbon capture facility as one of five priority areas for future investment under the Technology Investment Roadmap.
The CCUS Development Fund is part of the $1.9 billion new energy technologies package announced in the 2020-21 Budget. The $1.9 billion package included resourcing to support the development of a CCS method for the Emissions Reduction Fund (ERF), which is expected to be completed this year.
Eliza is a content producer and editor at Public Spectrum. She is an experienced writer on topics related to the government and to the public, as well as stories that uplift and improve the community.