Carbon capture projects will get a boost through the Australian Government’s $50 million Carbon Capture, Use and Storage Development Fund, which opens today.
Carbon capture and storage technologies are one of five priority areas for investment under the Government’s Technology Investment Roadmap.
The Hon Angus Taylor MP, Minister for Energy and Emissions Reduction, 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.
‘The Fund will provide targeted support to a wide array of carbon capture, use and storage opportunities, including carbon recycling, negative emissions/direct air capture, and carbon capture and storage.
‘Australia’s potential to permanently and safely store emissions underground is being closely watched by our trading partners, including Singapore and South Korea,’ Minister Taylor said.
The Hon Keith Pitt MP, Minister for Resources, Water and Northern Australia, 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.
Successful projects will share in up to $50 million in grant funding.
The Australian Government is actively pursuing opportunities to collaborate on technology solutions, including CCUS, with Japan, Singapore, the UK and the US.
For more information, see the Ministers’ media release.
For details on the Fund or to apply, visit www.business.gov.au/CCUS