The federal government is providing $50 million in targeted support to a wide array of opportunities in carbon capture and storage.
Energy and Emissions Reduction Minister Angus Taylor will launch the Carbon Capture, Use and Storage Fund on Monday, one of the five priority areas for investment under the government’s technology investment roadmap.
Mr Taylor said carbon capture technologies would be critical to achieving net zero emissions from power generation, natural gas and hydrogen production as well as process emissions from heavy industries like cement and fertiliser production.
“Australia has the potential to be a world leader in geosequestration,” Mr Taylor said in a statement.
“We have the right geology and storage basins.”
The fund will provide targeted support to a wide array of opportunities, including carbon recycling.
Resources, Water and Northern Australia Minister Keith Pitt said the fund will support the ongoing use of Australia’s abundant natural resources.
“Technology like this will be the key to further reducing emissions and ensure our premium quality coal will play an important role in Australia and the world’s energy needs for decades to come,” Mr Pitt said.
The fund is part of the government’s $1.9 billion new energy technologies package in the 2020/21 budget.
Mr Taylor will launch the fund at the University of Newcastle’s institute for energy and resources on Monday.