Media release – 6 May 2024

CO2CRC welcomed today’s announcement by the Australian Government that it will invest $566 million in new offshore mapping programs that will include a plan to identify new carbon capture and storage (CCS) locations and possible sites for clean hydrogen projects.

Prime Minister, Anthony Albanese, announced his landmark new precompetitive geoscience initiative – Resourcing Australia’s Prosperity – to strengthen Australia’s position as a global leader in renewable energy and CCS as the country pursues its pathway towards net zero.

The announcement was part of the Government’s announcement of its Future Gas Strategy which outlined a medium and long-term strategy where gas will play a critical role in the transition to net zero by 2050.
The strategy highlighted the importance of affordable gas for Australia as the country moves to a more renewable grid.

Recognition of the critical role of gas in a manner consistent with decarbonization goals also involved promotion of geological capture and storage of CO2 to support our region’s transition to net zero. The Government has released acreage for offshore CCS and established a new initiative on regional cooperation on transboundary CCS which will provide options for energy security and carbon management solutions for our regional partners.

MRaabCO2CRC Chief Executive Dr Matthias Raab, left, welcomed the Government’s recognition of the role CCS must play in securing Australia’s energy supply and the pathway to net zero, “Carbon capture and storage is a safe, proven and increasingly cost-effective technology that can deliver large-scale reductions in emissions for a wide range of industries,” Dr Raab said.

“This makes it essential for Australia and many other nations to advance CCS to have any realistic chance of meeting mid-century emissions reduction targets.”

“As the Intergovernmental Panel on Climate Change (IPCC) has recently stated that there is no pathway to net zero, which involves increased energy usage globally and does not rely critically upon the greatly accelerated rollout of CCS.”

Dr Raab said the CCS industry is responding robustly to the challenge of net zero globally and within Australia to the mandated 43% reduction target by 2030.