Perth, WA – 22 November 2024 – CO2CRC applauds the Cook Labor Government’s announcement of Western Australia’s first Carbon Capture, Utilisation and Storage (CCUS) Action Plan, which positions the state as a global leader in carbon management. The government has committed $26 million towards two pivotal CCUS projects, marking a significant investment in the future of sustainable energy.
Dr. Matthias Raab, CEO of CO2CRC, stated, “The release of the CCUS Action Plan is a landmark moment for Western Australia. It not only demonstrates the government’s commitment to tackling climate change but also highlights the critical role that CCUS will play in our energy transition. By investing in these technologies, we are paving the way for a sustainable future that benefits both our economy and the environment.”
Raab further emphasized, “As we face the pressing challenges of climate change, the acceleration of CCUS projects is essential. This action plan will not only enhance our capabilities in carbon management but also position Western Australia as a hub for innovation and leadership in the global fight against emissions.”
The WA Government’s CCUS Action Plan and its funding commitment highlight how states can harness the economic potential of achieving net-zero emissions while simultaneously reducing greenhouse gases. This Action Plan is a crucial step toward attracting investment in CCUS, fostering job creation, and establishing a significant new industry in Australia that supports emissions reductions across various sectors.
CCUS presents a unique opportunity for Western Australia to enhance its economy, supporting local manufacturing and critical minerals processing. Without the implementation of CCUS technologies, industries such as fertiliser and chemical production, iron and steel, and cement may struggle to meet net-zero targets effectively.
The WA Government’s initiative aims to provide policy certainty, expedite the deployment of established CCUS technologies, and allocate $26 million in funding for two key projects in the state. With its exceptional geological resources, industry expertise, and strong connections with regional trading partners, Western Australia is well-positioned to lead in CCUS development.
The International Energy Agency has underscored the urgency of advancing carbon capture technologies, stating that achieving global climate goals for 2050 is unattainable without robust CCUS initiatives. With Australia’s existing CCS projects, including Gorgon CCS in WA and Moomba CCS in SA, there is a tremendous opportunity to reduce national emissions by up to 20% by 2035.
Raab concluded, “The collective efforts of the WA Government and industry stakeholders will be crucial in driving forward the CCUS agenda. Together, we can ensure that Western Australia not only meets its climate commitments but also leads the way in innovative carbon management solutions.”
