Australia has announced a new $ 220 million carbon capture and storage (CCS) hub in South Australia in a call to completely dispose of its technology.
The Australian Government praises CCS as an important way to reduce emissions in high-emission industries such as energy. This captures the emitted carbon dioxide and pipes it to a naturally formed underground reservoir.
Two hours from the Queensland border, the hub in Moomba, far north of South Australia, forms a joint venture between oil and gas giant Santos and Beach Energy.
“This carbon reduction project in the hinterland of South Australia is one of the largest and lowest costs in the world, with 1.7 million tonnes of carbon dioxide annually in the same reservoir that held oil and gas for decades. Stores carbon safely and permanently. Millions of years, “said Santos CEO Kevin Gallagher. Said..
The hub was also on display in front of the Australian Pavilion at COP26 in Glasgow, Scotland.
Energy and Emissions Minister Angus Taylor said the project marked a milestone in technological development after it was officially registered with the Government’s Emissions Reduction Fund (ERF).
“This is the first time the country has awarded a tradable, complete carbon credit to a large-scale project that captures carbon and permanently stores it underground,” Taylor said. Media release..
ERF allows businesses to acquire and trade Australian Carbon Credit Units (ACCUs). This was usually only possible from farmers through carbon sequestration into soil and vegetation. Now CCS is also covered.
Australia has revealed that the country does not pursue absolute zero and instead allows companies to purchase ACCU to offset carbon dioxide production to reach climate change commitments.
Former Prime Minister Malcolm Turnbull attended COP26 as Chair of Fortescue Future Industries, a clean energy-focused organization founded by mining billionaire Andrew Forrest.
Turnbull criticized Australia’s exhibition at COP26 and suggested that CCS had significantly worse consequences as it promoted continued use of fossil fuels.
“Look at Australia’s position. There are gas companies that are clearly highlighted by the energy minister’s claim that all our energy policies should be about burning gas,” Turnbull said in a reporter. Told to. Parents..
The impetus to reduce emissions and address climate change concerns has spurred the announcement of the UN Intergovernmental Panel on Climate Change that hypothesized man-made emissions have made a clear contribution to global warming. I did.
“The overall purpose is to stop the burning of fossil fuels,” he said. “In particular, we need to reduce greenhouse gas emissions, methane, and CO2 all. We can’t continue to lie that this is a problem we can push forward in the future. We are now on global warming. I live with reality. “
The Climate Council, a climate change communications organization, has strongly criticized the federal government’s investment in CCS.
“After decades of CCS research and billions of dollars invested around the world, including here in Australia, there is little to show,” said a climate council spokesman. Said..
“The federal government needs to invest in renewable energy technologies that benefit both sides for electricity prices, healthier communities, and job creation, rather than injecting taxpayers’ money into harmful gases. . “