CCUS and Australia’s net-zero ambitions
Australian CCUS technologies are years ahead of what industry currently deploys and provide the next generation of projects with sophisticated and tested technologies and at lower costs.
CO2CRC commended the Albanese Government for enshrining into law a 43% emissions reduction target for 2030 because this move provided certainty for industry and innovation to set their sights on. It also means the time for talk is over and all parties – government, industry and the community – must come together now to map out a plan of action.
Australia can use its innovation to decarbonise its emission intense sectors and roll out these technologies globally. We can help our customers in the broader resource sector to decarbonise their value chain, including scope 1, 2, and 3 emissions.
Australian CCUS technology can also help our neighbours abate their emissions as well. Not only can CCUS support Australia, but it could benefit our neighbours in the Asia Pacific that do not have the same access to geological storage sites. Both Japan and South Korea, two of Australia’s strongest trade partners, are looking to Australia for solutions to deal with their CO2 emissions.
CO2CRC sees a future where Australia can support these two countries with their emission reductions by supplying LNG and dealing with the CO2 emissions. Following the example set by Norway, Australia could set to benefit from exploring transboundary CCS solutions.
CCUS is not just part of the solution for net-zero, it is an integral component in any realistic plan to reduce emissions. CCUS at an industrial scale can help the world make a smooth transition away from fossil fuels to a greater reliance on renewable energy.
Carbon storage in Australia is transitioning rapidly from what could be described as its largely research and development phase, spanning the last 15-20 years, to the project implementation-adoption phase.
Around Australia, there are currently 12 geological carbon storage projects offshore and onshore which are either in the advanced planning, FEED, project approval or operational phases. Well-known examples include the Gorgon-Barrow Island, Moomba CCS, SEACCS and Bayu-Undan CCS projects.
These projects have a range of drivers, but one of the key motivators is that much of the nation’s remaining gas reserves contain modest to significant amounts of CO2. An obvious example is the Barossa-Caldita Field in the Timor Sea.
Carbon storage is seen as the critical enabler for these long-term, multi-billion- dollar LNG and other projects, without which regulatory approval appears very difficult.