The Australian Government has invested $50 million in a carbon capture use and storage (CCUS) fund, a decision that is welcomed by Glencore.
Glencore has been using CCUS technologies to reduce emissions from fossil fuels through its own Carbon Transport and Storage Company (CTSCo) project in Queensland’s Surat Basin.
The project, which Glencore describes as the most advanced onshore CCUS project in Australia, captures carbon dioxide from a coal-fired power station that is stored deep underground.
The storage component of Glencore’s project provides a pathway to an industrial scale storage hub in Queensland, capable of servicing coal miners and natural gas and hydrogen producers.
Glencore plans to make its final investment decision on its $230 million CTSCo project next year.
“We welcome to government’s focus on all low emission technologies and believe our CTSCo project can make a meaningful contribution to the national effort to deliver significant emission reductions in Australia,” Glencore coal group executive Mick Buffier said.
The Australian Government will fund a total of $1.9 billion in new and emerging energy technologies, including the $50 million CCUS fund to put Australia on its path to a lower emission future.
Glencore stated that the government’s focus and funding would allow more companies to meet climate change goals.
The United Nations Intergovernmental Panel on Climate Change (IPCC) has identified CCUS as an essential technology for companies globally to meet their climate change goals.