The importance of carbon capture and storage (CCS) to reaching net zero has been highlighted in a new Federal Government report calling for more support for the technology.
The report, published by the Climate Change Authority (CCA), contains 23 policy insights as part of a ‘deep dive’ designed to help policymakers, emitters and markets better understand how sequestration can be scaled up, accelerated, and used responsibly.
It comes after estimates from the Intergovernmental Panel on Climate Change (IPCC) that about 6 billion tonnes of carbon dioxide would have to be removed per year by 2050 globally for a 50 per cent chance of limiting global warming to below 1.5 degrees Celsius.
The report considered a range of carbon sequestration approaches, including nature-based solutions, but emphasised that the “government should prioritise the development of long-lived geological and mineral storage technologies”, primarily CCS.
It also recommended that governments should explore risk-sharing approaches (such as CCS hubs), including opportunities to coinvest in subsurface basin analyses for geological sequestration both on and offshore, and keystone infrastructure for storage and transport.
The Australian Petroleum Production & Exploration Association (APPEA) said the new report highlighted the significant economic and environmental benefits of CCS for Australia.
APPEA Chief Executive Samantha McCulloch explained that carbon capture was widely recognised as critical to protecting the environment and getting to net zero while creating new economic opportunities.
She said: “The oil and gas industry supports the CCA’s calls for greater direction and support for this technology.
“CCS is backed by authorities such as the CSIRO, the International Energy Agency (IEA) and the 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 CCS roadmap to provide clear policy direction, progress carbon management hubs and promote Australia as a regional carbon dioxide storage leader.
McCulloch continued: “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 CCS, with the Inflation Reduction Act in the United States a game changer providing significant financial incentives for large-scale deployment of the technology.”
