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  PERTH – The federal government’s A$50-million Carbon Capture, Use and Storage Development Fund has officially been launched.

  Carbon capture and storage (CCS) technologies are one of five priority areas for investment under the government’s Technology Investment Roadmap, said Minister for Energy and Emissions Reduction Angus Taylor, who added that carbon capture technologies would be critical to achieving net zero emissions from power generation, natural gas and hydrogen production as well as 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,” Taylor said.

  “The Fund will provide targeted support to a wide array of carbon capture, use and storage (CCUS) opportunities, including carbon recycling, negative emissions/direct air capture, and CCS.

  “The government’s investment will reduce technical and commercial barriers to deploying these technologies and identifying potential project sites. It will also crowd in new investment from the private sector, supporting jobs and Australia’s economic recovery, particularly in regional areas.

  “This investment is a practical example of the government’s commitment to being a low emissions technology leader and reducing emissions through technology, not taxes.

  “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 would support the ongoing use of Australia’s abundant natural resources.

  “Technology like this will be the key to further reducing emissions and ensure our premium quality coal will play an important role in Australia, and the world’s, energy needs for decades to come,” Pitt said.

  “The International Energy Agency confirms CCS combined with high-efficiency low emissions technology reduces emissions by as much as 90%, while providing cheap and reliable electricity.”

  Successful projects will share in up to A$50-million in grant funding.

  The fund is part of the government’s A$1.9-billion new energy technologies package in the 2020/21 Budget. The A$1.9-billion package included resourcing to support the development of a CCS method for the Emissions Reduction Fund, which is expected to be completed by the end of the year.

  The fund builds on the government’s previous support for CCS technologies, including one of the world’s largest CCS projects, Chevron’s Gorgon facility in Western Australia. The facility has sequestered over four-million tonnes of carbon dioxide since it first started operating in August 2019 and will ramp up to four-million tonnes annually once operating at full rate.

  The government is actively pursuing opportunities to collaborate on technology solutions, including CCUS, with Japan, Singapore, the UK and the US.

• [Editor:Catherine Ren]