The Australian government has announced on June 8th, the successful applicants for its CCUS Development Fund. They will receive a total of $39 million or $50 million Australian dollars carbon capture investment to develop their CO2 reduction technologies.
The companies that made the cut are:
- Santos Limited – it will receive $11.6 million for its Moomba Carbon Capture and Storage (CCS) Project – an ambitious project establishing a carbon capture hub in Moomba, capable of sequestering underground 20 million tons of CO2 per year.
- Energy Developments – the company will be granted $7 million for its Landfill Gas Carbon Capture, Utilization and Storage CCUS Project.
- Mineral Carbonation International – it wins $11.3 million for the Australian Carbon Capture Utilization and Storage Flagship project. It transforms CO2 emissions into building and construction materials. The flagship initiative aims to create a profitable and scalable technology, without relying on subsidies, for industries to reduce emissions.
- Boral Limited – it will get $1.8 million for its carbon storage technology that turns mineral waste into carbon sink.
- Corporate Carbon Group – it will be allocated $3.1 million for its Pilot Direct Air Carbon Capture, Use and Storage.
- Carbon Transport and Storage Corporation – granted $3.8 million for the CTSCo Surat Basin CCUS Project that plans to capture emissions from a coal-fired plant and store them permanently underground in the Surat Basin in Queensland.
The Purpose Of The Government Carbon Capture Investment
The carbon capture funding of $39 million aims to indicate the viability of those technologies for the deep decarbonization of the economy. The Australian Minister for Energy and Emissions Reduction, Angus Taylor also highlighted the regional benefits the funded projects would deliver:
“It will encourage new large-scale investment from the private sector, creating jobs and supporting Australia’s economic recovery, particularly in regional areas.”
Australia’s second biggest gas producer Santos has won $11.6 million for its Moomba CCS project, reducing emissions of gas-fired power plants in the region. It is competing to become one of the biggest CCS projects in the world with the capacity to store around 20 million tons of CO2 per year with 1.7 million tons initially.
The Australian government has committed a major carbon capture investment to develop low carbon solutions that will secure its leading role in the net zero economy. Investing in carbon capture technology and establishing commercially viable, scalable, and replicable projects are also essential for their widespread adoption.