Carbon storage "biggest opportunity" to cut Australian resources emissions: minister

0 Comment(s)Print E-mail Xinhua, May 16, 2023
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CANBERRA, May 16 (Xinhua) -- The Australian government has asked fossil fuel companies to suggest new areas to bury greenhouse gas emissions.

In a speech to the Australian Petroleum Production and Exploration Association (APPEA) conference in Adelaide on Tuesday, Resources Minister Madeleine King declared that the government supports carbon capture and storage (CCS) technology.

The technology of carbon capture, utilization and storage plays a key role in cutting carbon dioxide emissions. The process captures carbon dioxide from production activities and then either reuses or stores it.

The government has committed to cutting Australia's emissions by at 43 percent from 2005 levels by 2030, and King said on Tuesday that the CCS was the "perhaps the single biggest opportunity" to achieve cuts in the energy resources industry.

"Carbon capture and storage represents an opportunity for Australia if we get it right," she said.

"Government has a role in supporting industry investment by reducing risk and creating certainty through clear legal and regulatory frameworks and robust policy guidance."

The federal budget for 2023-24, which was handed down by Treasurer Jim Chalmers earlier in May, included funding to review the regulation of offshore gas projects with a focus on the CCS.

King said the sector and governments around the world have invested heavily in the CCS over previous decades and CCS technology currently has the capacity to sequester 44 million tons of carbon dioxide globally on an annual basis.

"We want a regulatory system for offshore CCS that is robust and responsive, and positions Australia's resources sector to bring new CCS projects online," she said. Enditem

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