Emissions Reduction Fund to award credits for Carbon Capture and Storage
Under the new Emissions Reduction Fund method announced today, Carbon capture utilisation and storage (CCUS) projects can be awarded Australian Carbon Credit Units (ACCUs).
“The Emissions Reduction Fund (ERF) supports low emission technologies by awarding one ACCU for each tonne of carbon dioxide stored or avoided. Today’s announcement by Minister Taylor will incentivise CCUS projects in Australia and be instrumental in accelerating commercial development.” said Dr Matthias Raab, CO2CRC Chief Executive.
“For large-scale CCS projects being awarded with tradeable high-integrity ACCUs under the new method, Australia is well positioned to decarbonise by using CCS to lower CO2 emissions. Australia has ready access to the latest carbon-capture and storage technologies and expertise. It has some of the world’s best deep sedimentary basins in which to store carbon dioxide and an internationally recognised resources industry.” said Dr Raab.
“Yesterday’s announcement from Minister Talyor of $250 million funding to accelerate the development of commercial-scale CCUS projects and the new methodology for CCUS under the ERF provides the government support and mechanisms to enable the accelerated deployment of commercial CCUS projects in Australia.
“Australia is already a leader in CCUS, with the world’s largest commercial-scale carbon dioxide injection project at Gorgon LNG on Barrow Island, off the northwest coast of WA.
Additionally, Santos has made their intentions clear to make an investment decision on a large-scale commercial CCS project to be in the Cooper Basin with a scalable potential to store up to 20 Mtpa of CO2 per year.
“The CarbonNet Project is investigating the feasibility for a commercial-scale, multi-user CCUS network in Victoria that will inject CO2 from industrial emissions into deep underground, offshore storage sites in Bass Strait.
“And finally, the CTSCo Project progresses in Queensland to capture and store CO2 from a coal-fired power station to permanently store the CO2 deep more than two kilometres deep.
“Working in collaboration with research institutions, industry and governments around the world, CO2CRC is a leader in CCUS research and is making advances in the development of technology for use in Australia’s growing CCUS industry” he said.
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