$50m for carbon capture tech to revitalise NSW regions
Regional NSW could get a major boost from carbon capture and storage projects with the announcement of up to $50m in funding to boost the uptake of the technology.
Federal Energy Minister Angus Taylor will today announce the funding during a trip to the University of Newcastle’s Institute for Energy and Resources.
“The fund will provide targeted support to a wide array of carbon capture, use and storage opportunities, including carbon recycling, negative emissions/direct air capture, and carbon capture and storage,” Mr Taylor said.
The investment will support pilot carbon capture and storage projects to “crowd in” investment from the private sector, “supporting jobs and Australia’s economic recovery, particularly in regional areas”, Mr Taylor said.
Chevron’s Gorgon project in Western Australia is one of the world’s largest carbon capture facilities and has successfully stored more than 4 million tonnes of emissions — equivalent to taking 1.25 million cars off the road — since 2019.
The investment follows on growing international interest in carbon capture and storage technologies, which feature prominently in US President Joe Biden’s climate plans, as well as the UK government’s own “10 Point Plan”. Japan, South Korea and Singapore are also believed to be interested in working with Australia.
Mr Taylor’s trip to Newcastle will include a stop at Kurri Kurri in the Hunter Valley, site of Snow Hydro’s proposed new gas peaking generator. The generator will be necessary to help provide power to NSW after the Liddell Power Station shuts down in 2023.