CANBERRA, May 17 (Xinhua) -- The government of Australia's Northern Territory (NT) has revealed plans to build a carbon capture, utilization and storage (CCUS) industry.

Natasha Fyles, the Chief Minister of the NT, said on Wednesday that the government will work with the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and some oil and gas giants to establish a CCUS hub at Middle Arm in Darwin, the capital city of NT.

The technology of CCUS plays a key role in cutting carbon dioxide (CO2) emissions. The process captures CO2 from production activities and then either reuses or stores it.

A CSIRO report identified methanol, jet fuel, urea, methane and mineral carbonates as five CO2 utilization opportunities in the NT.

The report said the territory's existing liquefied natural gas (LNG) industry, export links with Asia and the Pacific, and renewable electricity potential put the NT in a strong position to create CO2-derived products and support industry's decarbonisation efforts.

Fyles said the CCUS technology would be key for the NT to achieve net zero emissions by 2050.

The announcement came one day after Resources Minister Madeleine King told an oil and gas industry conference that carbon capture and storage is the single biggest opportunity to reduce emissions from the energy sector.

Australia has set an emission-reduction target of 43 percent from 2005 levels by 2030 and a net zero target by 2050. Enditem

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