A critical step forward in accelerating the deployment of carbon capture and storage (CCS) in Australia, the country’s government today backed the technology in a bid to cut emissions.
The Morrison Government has accepted recommendations made by an expert panel review, chaired by former Business Council of Australia president Grant King, to identify new opportunities to unlock low cost abatement across the economy.
Accepted recommendations include pushing forward legislation to enable the development of CCS projects within its $2bn Emissions Reduction Fund, and expanding the Clean Energy Finance Corporation and Australian Renewable Energy Agency (ARENA) to open up private sector investment in CCS.
Energy and Emissions Minister Angus Taylor said the release of the King Review looks to build on the success of the Emissions Reduction Fund and is the next step in the government’s ‘technology not taxes’ approach to reducing emissions.
“The Government will target dollar for dollar co-investment from the private sector and other levels of government to drive at least $4bn of investment that will reduce emissions across Australia,” Taylor said in a statement.
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