The voice of the oil and gas industry today said the release of the 2021 Global Status of CCS report demonstrates momentum behind CCS as a key emission technology.
APPEA Chief Executive Andrew McConville said the report shows if the world can fast track and scale up carbon capture and storage (CCS) development it will make a key contribution to the net zero emissions ambitions.
“This report by the Global CCS Institute confirms that CCS is a game changer in responding to climate change challenges and critical to achieving emissions reduction goals,” Mr McConville said.
“The report shows there’s been an almost 50% increase in the carbon capture capacity of CCS facilities in the last year alone. CCS is a proven solution to reducing emissions and is making a real difference to global emissions now.
“CCS is an important technology to allow industry to safely and permanently reduce greenhouse gas emissions, allowing industries, including the oil and gas industry, to continue delivering jobs, growth and modern conveniences.
“Oil and gas are essential energy sources that together provide more than half the world’s energy. Oil and gas will continue to be needed for making the everyday products we take for granted in our modern life. In most cases, there is no substitute for oil and gas.
“Demand is continuing to grow, especially in developing countries looking to provide reliable, affordable and cleaner energy.
“CCS has a key role to play in reducing emissions in line with net zero emissions targets, while also providing access to affordable, secure energy.
“This is a chance Australia shouldn’t miss. CCS can help Australia to meet its emissions reduction targets.
“The cost of CCS will continue to fall, creating the potential to deliver competitive, large-scale abatement for existing industries and support for new industries such as hydrogen and ammonia.
“The world is noticing the opportunity for CCS with 27 projects now operational, including the Chevron-operated Gorgon CO2 Injection Project, which is the largest dedicated CCS project in the world, and a further 106 facilities under construction or in the pipeline.
“The report shows the carbon capture capacity of all CCS facilities under development has grown to 111 million tonnes of CO2 every year.
Mr McConville said the oil and gas industry is already doing much of the heavy lifting when it comes to climate change action – reducing emissions through coal-to-gas switching, supporting renewables, operational improvements, hydrogen development and CCS technology.
“Australia needs low-cost emissions abatement to maintain its position as a leading energy exporter and ensure our international competitiveness in a net zero emissions future.”
The International Energy Agency and the Intergovernmental Panel on Climate Change both support CCS as essential to achieve the world’s climate change goals.