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.