Australia launches new fund to support carbon capture, use and storage projects
The Australian Government has launched the Carbon Capture, Use, and Storage (CCUS) Development Fund that aims to support pilot projects or pre-commercial projects aimed at reducing emissions.
This new fund offers successful projects a share in up to AUD50 million (US$32.33 million) in grants over 3 years.
The fund will help lower the cost of technology adoption and encourage industry investment in deploying CCUS. These technologies have high abatement and economic potential, particularly in regional parts of Australia.
The fund focuses on supporting CCUS projects progress towards commercial operations. It will also support the development of processes that can transform CO2 to create economically viable products. These include but are not limited to the production of synthetic fuels, chemicals, minerals, and other CO2 recycling and use activities.
Carbon capture and storage (CCS) is one of 5 priority low emissions technologies the Government identified in the Low Emissions Technology Statement. The statement is helping to prioritize Australian investments in new and developing low emissions technologies.
CCS is a proven and versatile technology that can permanently cut emissions across energy generation, natural gas and hydrogen production, and heavy industries.
The Government announced the new AUD50 million (US$32.3 million) Fund as part of the 2020-21 Budget.
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