Australia’s Global Carbon Capture and Storage Initiative
On 19th September, Australian Prime Minister Kevin Rudd launched the Global Carbon Capture and Storage Initiative (GCCSI) with the establishment of a Global Institute to speed up the development of carbon capture and storage (CCS) technology. The Australian Government will contribute up to $100 million annually to the Institute. The new Institute, to be based in Australia, will work cooperatively with other countries and with industry to develop and commercialise CCS technologies to help reduce global C02 emissions.
According to the International Energy Agency’s Energy Technology Perspectives (IEA-2006), CCS in power generation, industry and synfuel production could contribute 20% to 28% of the effort to reduce global emissions by 50% by 2050.
At their July meeting, the G8 recognised the need to act now to commit by 2010 to at least 20 fully integrated industrial-scale demonstration projects to enable the broad deployment of CCS technology by 2020. The GCCSI will act as a catalyst for accelerating projects to deliver the G8’s goal through facilitating demonstration projects, and identifying and supporting necessary research.
The model for the Institute and its operations will now be the subject of further detailed discussions with parties that have an interest in CCS, such as foreign governments, industry and various international bodies.
The proposed Institute builds on Australia's existing reputation as a world leader in CCS. The GCCSI reflects the Australian economy’s dependence on coal-fired power (80% of Australia's electricity is provided by coal fired power stations) and Australia’s global obligations as a leading coal exporter. It also demonstrates Australia’s commitment to commercialise technologies through an existing portfolio of programs in Australia.