Carbon capture projects will get a boost through the Federal Government’s $50 million Carbon Capture, Use and Storage Development Fund, which opened 1 March.
Carbon capture and storage technologies are one of five priority areas for investment under the Government’s Technology Investment Roadmap.
Minister for Energy and Emissions Reduction, the Hon. Angus Taylor MP, said carbon capture technologies would be critical to achieving net-zero emissions from power generation, natural gas and hydrogen production as well as process emissions from heavy industries like cement and fertiliser production.
“Australia has the potential to be a world leader in geosequestration. We have the right geology and storage basins,” Minister Taylor said.
“The Fund will provide targeted support to a wide array of carbon capture, use and storage (CCUS) opportunities, including carbon recycling, negative emissions/direct air capture, and carbon capture and storage.”
Minister Taylor said the Government’s investment will help to reduce technical and commercial barriers to deploying these technologies and identifying potential project sites. He noted that it will also crowd in new investment from the private sector, supporting jobs and Australia’s economic recovery, particularly in regional areas.
Minister for Resources, Water and Northern Australia, the Hon. Keith Pitt MP, said the Fund will support the ongoing use of Australia’s abundant natural resources.
“Technology like this will be the key to further reducing emissions and ensure our premium quality coal will play an important role in Australia, and the world’s, energy needs for decades to come,” Minister Pitt said.
“I was pleased to visit Queensland’s Millmerran coal-fired power station recently where a trial of CCS is planned and I look forward to the results.”
“The International Energy Agency confirms CCS combined with high-efficiency low emissions (HELE) technology reduces emissions by as much as 90 per cent, while providing cheap and reliable electricity,” he said.
The new Fund offers successful projects a share in up to $50 million in grant funding over three years. Businesses, researchers and governments can apply.
The Government announced the new $50 million Fund as part of the 2020-21 Budget.
Applications are open until 29 March 2021, 5pm AEDT.