29 Jun 2021
Media release — Good move to unlock carbon capture and storage
The voice of Australia’s oil and gas industry today said the releasing for public consultation of a draft carbon capture and storage (CCS) method for the Emissions Reduction Fund (ERF) was a good and smart move.
APPEA Chief Executive Andrew McConville said the development of a method for CCS under the Emissions Reduction Fund (ERF) is an important way to recognise the role it can play as one of a number of low emissions technologies with the potential to deliver step-change emissions reductions.
“All technology, including hydrogen and CCS, should be on the table to help reduce emissions, so this is a good move,” Mr McConville said.
“Just as government investment in renewables has fast tracked projects, this could do the same and create thousands of jobs in the process.
“There is no silver bullet in taking climate action and all options need to be considered to help Australia reach net zero.
“Australia has a natural competitive advantage to implement CCS with known high quality, stable geological storage basins, existing infrastructure, world-class technical expertise and regulatory regimes (environment protection, carbon accounting and reporting, financial services).
“Australia needs low-cost carbon abatement to maintain its position as a leading energy exporter and ensure international competitiveness in a cleaner energy future. With scale and experience, the cost of CCS will decrease, creating the potential to deliver competitive, large-scale abatement for existing industries and new industries such as hydrogen and ammonia.
“Just as LNG exports are playing an important role in reducing global emissions, CCS in Australia can play an important role in securing the future of Australia’s oil and gas industry in a cleaner energy future.
“Natural gas with CCS is also a pathway to a large-scale clean hydrogen industry.”
“Australia’s LNG export success means the Australian upstream oil and gas industry has the technology, expertise, commercial and trade relationships to make, in particular, hydrogen exports a reality.
“Developing a local hydrogen industry could enable lower emissions both in Australia and internationally, reduce energy costs, deliver energy security, together with new employment and manufacturing opportunities.”
A range of case studies of the way in which the industry is taking practical action to support emissions reductions across the industry supply chain and leading research into innovative emissions reduction activities is highlighted in APPEA’s Industry Action on Emissions Reduction report.
To contribute to the consultation process, visit: https://consult.industry.gov.au/cer/carbon-capture-and-storage-draft-method Submissions are open until 27 July 2021.