Industry funds clean coal

QUEENSLAND coal producers will directly fund the development of new clean coal power generation technology.

QUEENSLAND coal producers will directly fund the development of new clean coal power generation technology as the result of a landmark agreement reached with the Queensland government.

Following last week’s announcement that the voluntary COAL21 Fund levy would be expanded to raise around $1 billion over the next decade, the industry committed revenues collected from Queensland producers to Queensland-based research, development and demonstration projects.

This is expected to raise almost $600 million over the next 10 years.

A total of $300 million will go towards the development of a new generation Integrated Gasification Combined Cycle (IGCC) power station in Queensland.

“Industry’s decision to significantly boost the COAL21 Fund by extending its original five year term has been vindicated by the response from the state government and Queensland’s research community,” Queensland Resources Council chief executive Michael Roche said.

“We welcome the Queensland Premier’s leadership and commitment to working with industry to secure the best possible technological outcomes to combat climate change.”

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