Australian Government Opens Carbon Capture Development Fund
The Morrison Government has opened the $50 million Carbon Capture, Use and Storage Development Fund.
Select carbon capture projects will get a boost from the fund, which aims to attract private sector investment. CCS is one of five priority areas under the Government’s Technology Investment Roadmap.
“The Fund will provide targeted support to a wide array of carbon capture, use and storage (CCUS) opportunities, including carbon recycling, negative emissions/direct air capture, and carbon capture and storage,” said Minister for Energy and Emissions Reduction Angus Taylor.
Australia is home to a range of industries where CCS is key to decarbonisation, including hard-to-abate sectors like steel manufacturing, cement and fertiliser production. CCS is backed by the IPCC and IEA as critical to reducing emissions to net-zero by mid-century and achieving global climate change targets.
Learn more about the CCUS Development Fund here.
The objectives of the program are to:
- reduce emissions across energy generation, natural gas or hydrogen production and heavy industries (including manufacturing, chemicals, cement and fertiliser production)
- foster existing, pilot or pre-commercial CCUS facilities that could connect into a regional CCS hub in the future and bring together a network of multiple greenhouse gas emitters enabling reductions in costs and risks for CCUS projects and large-scale abatement
- support the Australian Government’s priority technology stretch goal to compress, transport and store carbon dioxide (CO2) for less than $20 per tonne of CO2
- leverage expertise and viable geological storage resources for CCUS in Australia
- support new opportunities to use carbon dioxide in the development of CO2-derived products and services.