Australia Approves New Offshore Acreage For Greenhouse Gas Storage

Australia Approves New Offshore Acreage For Greenhouse Gas Storage - Carbon Herald
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The Government of Australia has taken a significant step towards reducing its carbon emissions and meeting its net-zero commitments by releasing new areas for exploration for offshore greenhouse gas storage.

The 2023 Offshore Greenhouse Gas Storage Acreage Release will include 10 areas across seven basins, situated in Commonwealth waters off Western Australia, Victoria, and Tasmania. These areas have been selected due to their existing hosting of a wide range of offshore exploration and production activities.

The Climate Change Authority has emphasized the importance of strong and urgent emissions cuts, as well as the growth in carbon sequestration, in order to achieve the world’s net zero goals.

In line with this, the Commonwealth Scientific and Industrial Research Organization has stated that carbon capture, utilization, and storage (CCUS) is one of the technologies that will contribute to lowering atmospheric emissions from Australia’s energy system.

Relevant: Net Zero Australia Publishes Key Findings On The Country’s Decarbonization

The Minister for Resources and Northern Australia, Madeleine King, revealed that the government has allocated $12 million in the May 2023–24 Budget to review the environmental management regime and explore strategies to enhance regulations that facilitate offshore carbon capture and storage (CCS) projects.

By exploring offshore acreage for greenhouse gas storage, the government aims to facilitate the safe and effective storage of carbon dioxide, thereby reducing its impact on the environment.

According to Minister King, the chosen offshore areas have been carefully selected based on their geology and storage potential. The Australian government has also taken public feedback into consideration and has made efforts to minimize the impacts on other marine users and the marine environment.

This initiative aligns with the country’s broader efforts to transition to sustainable forms of energy and address climate change. This move further demonstrates the government’s commitment to environmental conservation and the determination to explore innovative solutions towards a cleaner, greener future.

Read more: Chevron to Fund Two Carbon Capture Projects in Western Australia

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