Commonwealth legislation to support financing of CCS
CO2CRC welcomes today’s announcement by the Hon. Josh Frydenberg, Commonwealth Minister for the Environment and Energy, that carbon capture and storage (CCS) will now be eligible for funding by the Clean Energy Finance Corporation (CEFC).
Until now the CEFC Act considered carbon capture and storage a “prohibited technology” and ineligible for investment.
“The change in legislation is an important step forward for carbon capture and storage to become a real option for industries such as cement, steel, oil, gas and coal to significantly reduce their greenhouse emissions in Australia,” said Tania Constable, CEO CO2CRC.
The CEFC is a $10 billion fund established to facilitate increased flows of finance into Australian based renewable energy, energy efficiency and low emissions technologies.
The International Energy Agency has stated that limiting global warming to below two degrees, as agreed at the Paris climate conference, will not be possible without CCS. This CEFC legislative change further demonstrates Australia’s commitment to achieve this ambitious target.
CO2CRC is focusing on driving down the cost and securing more efficient operational monitoring, legislative and regulatory outcomes to enable CCS for industry in Australia.
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