Australia’s leader in carbon capture and storage research, CO2CRC, applauds the Finkel Review as a pragmatic approach to energy security and emissions reduction, that sees an expanded role for carbon capture and storage.
“The report goes a long way to level the playing field for all low emissions technologies in Australia’s electricity market,” said Tania Constable, CEO of CO2CRC.
“The desired outcomes from the report of increased security, future reliability, lower emissions and rewarding consumers are welcome. There is no doubt that carbon capture and storage can deliver on these desired outcomes.”
The ability to deliver commercial scale CCS technology in Australia is outlined in the blueprint through mechanisms such as a Clean Energy Target and funding opportunities through ARENA and the Clean Energy Finance Corporation.
Dr Finkel clearly has an expectation that the electricity sector will have a proportional or greater contribution towards Australia’s 2030 emissions reduction target and beyond. Carbon capture and storage is the technology that will help the sector whilst ensuring reliability and stability.
The report points out that the Government should identify the long-term emissions trajectory for Australia. “The take-up of new technologies beyond what is already in the system will depend on knowing this information,” said Ms Constable.
Australia’s Climate Change Review is a tremendous opportunity to realise Australia’s ambition towards a sustainable future and together with the Finkel Review the recommendation to include carbon capture and storage alongside renewables will provide policy certainty for Australia’s energy and industrial sectors, and the jobs that count on them.
CO2CRC looks forward to taking these considerations forward into Climate Change Review and building upon the excellent work of the Finkel Report.
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