17 Apr 2023
Media Release: APPEA backs Climate Change Authority focus on carbon capture technology
The importance of carbon capture utilisation and storage (CCUS) to reaching net zero has been highlighted in a new Federal Government report calling for more support for the technology.
The Australian Petroleum Production & Exploration Association (APPEA) today said a new Climate Change Authority (CCA) paper, Reduce, remove and store: The role of carbon sequestration in accelerating Australia’s decarbonisation, highlighted the significant economic and environmental benefits of CCUS for Australia.
The paper considers a range of carbon sequestration approaches, including nature-based solutions, but emphasises that the “Government should prioritise the development of long-lived geological and mineral storage technologies”, primarily CCUS.
APPEA Chief Executive Samantha McCulloch said: “Carbon capture is widely recognised as critical to protecting the environment and getting to net zero while creating new economic opportunities. The oil and gas industry supports the CCA’s calls for greater direction and support for this technology.
“CCUS is backed by authorities such as the Commonwealth Scientific and Industrial Research Organisation (CSIRO), the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC) as critical to reaching net zero.
“The recent Safeguard Mechanism policy has only strengthened the case for a greater focus on carbon capture to reduce emissions.”
In its recent 2023-24 Federal Budget Submission, the oil and gas industry called for a national CCUS roadmap to provide clear policy direction, progress carbon management hubs and promote Australia as a regional CO2 storage leader.
Ms McCulloch said: “Australia has an opportunity to not only accelerate to net zero but also create a new industry and ride the wave of global momentum for CCUS, with around 300 commercial projects in development.
“But government leadership is critical. Governments around the world are rapidly increasing their support for CCUS, with the Inflation Reduction Act in the United States a game changer providing significant financial incentives for large-scale deployment of the technology.”
The CCA recommends that “Governments should explore risk-sharing approaches (e.g., CCS hubs) including opportunities to co-invest in subsurface basin analyses for geological sequestration both on and offshore, and keystone infrastructure for storage and transport.”
More information on APPEA’s 2023-24 Federal Budget Submission can be found here.
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