Introduction delivered by CEO Dr Matthias Raab.

Carbon Capture, Utilisation, and Storage (CCUS) is integral to Australia's strategic approach to significant emissions reduction. Australia has several high-potential projects in the pipeline, poised to mitigate approximately 8% of the country’s emissions by sequestering 31 to 35 million tonnes of CO₂ annually by 2032. The advancement of CCS infrastructure is pivotal for enabling carbon-removal technologies, like direct air capture, necessary for achieving negative emissions and supporting the hard-to-abate sectors like steel, cement, and aviation.

 

Australia is uniquely positioned to assist partners in the Asia Pacific region in an ambitious intersection of environmental responsibility and industrial agility. Australia’s CCS endeavours will have an international impact, particularly for our major trade partners like Japan and Korea, by potentially shipping and storing their CO₂ and directly contributing to their emission reduction strategies. Such symbiotic relationships underscore Australia's critical role in a collective movement towards decarbonising our value chain.

 

The timely scaling of CCS projects is imperative to meeting legislated targets while confronting the industry’s challenges in securing rapid project approvals. Current industry-scale CCS projects in the pipeline can now surpass governmental speed in approvals, a known issue addressed by a newly formed intergovernmental steering committee and the industry to attract investment and enhance the speed at which project roll-out is required for Australia to meet its legislated emissions reduction targets.

 

The proposed large-scale CCS projects can catalyse economic growth, attract crucial investment, and set a global standard for efficient and responsible CCS deployment. 

Credible scientific reports from the IEA and IPCC have stated that CCUS is an important part of the technology options for countries to decarbonise, particular for hard to abate sectors. So what action is Australia taking to support CCUS?

We have heard from industry that the biggest challenge to deploying CCS projects quickly is the myriad of regulatory frameworks that don't necessarily speak to each other for both on and offshore, so a taskforce is looking at this. We're driving down emissions of those emitting more than 100,000 tonnes of CO₂ per year through our safeguard reforms, incentivising industry to do more quickly which may include using CCUS technologies.

Powering the Regions Fund and the Carbon Capture Technologies Program complements the safeguard reforms, supporting the transition of hard to abate sectors. Our sectoral plans will also articulate the role of CCUS in a decarbonising economy. We are opening more offshore acreage than ever to allow exploration for suitable greenhouse gas storage sites. Offshore acreage releases will provide potential opportunities in the near to medium term for geological storage here in Australia, supporting the movement of captured CO₂ between our regional partners, helping them decarbonise too.

Gas demand is expected to continue globally and in Australia for decades. Commercial drivers already exist for CCS for gas reservoir emissions. 

Realising the full potential of CCS in Australia will also require improved public and political sentiment and better regulation.