Appea says CCS can deliver step-change emissions reductions
Australia’s peak oil and gas industry body Appea on July 28 said in its submission to the department of industry’s draft carbon capture and storage (CCS) method for the Emissions Reduction Fund (ERF) that CCS has the potential to deliver step-change emissions reductions.
Appea CEO Andrew McConville said the development of a method for CCS under the ERF is an important way to reduce emissions and create thousands of jobs in the process.
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“This is a chance Australia shouldn’t miss. CCS can help Australia to not only meet but beat our emissions reduction targets,” McConville said. “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.”
He said Australia has a natural competitive advantage in implementing CCS with known high quality, stable geological storage basins, existing infrastructure, world-class technical expertise, and regulatory regimes.
“Australia needs low-cost carbon abatement to maintain its position as a leading energy exporter and ensure international competitiveness in a cleaner energy future.”
McConville said CCS is a safe and permanent solution to reducing greenhouse gas emissions.
“A CCS method under the Emissions Reduction Fund will encourage more projects, create new jobs and support Australian industries, particularly in regional areas,” he said. “The International Energy Agency and the Intergovernmental Panel on Climate Change both support CCS as essential to achieving the world’s climate change goals.”
McConville said that just as LNG exports are playing an important role in reducing global emissions, CCS can play an important role in securing the future of Australia’s oil and gas industry in a cleaner energy future.
“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.”