The federal government unveiled a $2 billion fund to advertise hydrogen growth, however restricted it to inexperienced hydrogen, which is made by way of a course of powered by renewable vitality. The funding program won’t be open to “blue hydrogen”, which is constituted of coal or gasoline paired with carbon seize to entice and bury the emissions earlier than they’re launch into the environment.
King on Tuesday will say the federal government recognises the necessity to “scale up carbon seize and storage” and can begin a brand new spherical of consultations to launch extra greenhouse gasoline storage acreage in Australian waters.
“We wish to work with business to progress new initiatives, while guaranteeing they’re successfully regulated to fulfill neighborhood expectations,” she says.
Final week’s federal price range allotted $12 million to assessment regulation of the offshore gasoline business, specializing in carbon seize and storage initiatives.
Meg O’Neill, chief govt of oil and gasoline producer Woodside Vitality, will inform Tuesday’s convention that Australia is lagging different international locations on the deployment of carbon seize initiatives.
“Virtually two-thirds of deliberate carbon seize, utilisation and storage investments globally are in america, Canada and Europe,” says O’Neill, who can also be the chair of the Australian Petroleum Manufacturing and Exploration Affiliation.
“They’re supported by mechanisms resembling america $US394 billion ($589 billion) Inflation Discount Act and the UK’s £20 billion ($37 billion) funding.”
O’Neill says oil and gasoline producers wish to work with the federal authorities on a nationwide technique to place the nation as a regional carbon dioxide storage chief as international locations with restricted storage potential, resembling Japan and South Korea, seek for companions to assist meet their web zero emissions targets.
“In Australia, I imagine it is a expertise that will have been judged too quickly,” she says.
The Enterprise Briefing publication delivers main tales, unique protection and skilled opinion. Signal as much as get it each weekday morning.