Australia will be well placed to make full use of our diverse resources under the $1.9 billion investment package in future energy technologies, including opportunities for the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC) to reduce emissions and strengthen power generation in Australia, as well as investments in advanced coal technology.
Minister for Resources, Water and Northern Australia Keith Pitt said the Government’s plan would help deliver clean reliable sources of power utilising Australia’s abundant resources.
“The $1.9 billion investment package recognises the role for a range of technologies in Australia’s energy mix, which will be essential to ensure we have the affordable, reliable power to support industry. It includes a $50 million investment in a Carbon Capture Use and Storage Development Fund,” Minister Pitt said.
“This announcement supports the Coalition Government’s technology neutral approach to generation technologies. High efficiency low emissions (HELE) coal-fired power stations fitted with Carbon Capture and Storage (CCS) can have a role to play in Australia’s energy mix.
“Using these technologies can reduce CO2 emissions by up to 90 per cent or more.
“Other countries are successfully using CCS technologies to lower emissions from coal-fired power.
“There are 24 large scale CCS projects in operation or under construction globally and Australia is working to demonstrate the use of CCS technology through a retrofit of the Millmerran coal power station in Queensland through the CTSCo Project.
“The Coalition Government has also provided funding for indigenous-owned Shine Energy Pty Ltd’s feasibility study for a proposed 1GW high efficiency, low emissions coal plant at Collinsville in Queensland.”
The Australian Government has also invested $96 million in the CarbonNet project which will demonstrate the potential for a commercial CCS network in the Victoria.
Amendments to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 have been passed by the Commonwealth Parliament allowing for the effective regulation of offshore storage technologies.
Around $50 million has also been invested by both the Australian and Victorian Government’s as part of the $500 million Hydrogen Energy Supply Chain Pilot Project to produce hydrogen from the abundant brown coal resources in the Latrobe Valley for export to Japan.
“Australia has an abundance of energy resources which we can continue to use in existing and new ways to maximise our advantage and create new jobs. The use of technologies including CCS can deliver lower emissions and reliable power sources for Australia and the world utilising our abundant coal resources,” Minister Pitt said.
“CCS has the potential to create jobs and business opportunities throughout many areas of regional Australia, including areas in central Queensland and the Hunter Valley.
“It also has the potential to assist areas like the Latrobe Valley in Victoria which have been suffering with the loss of jobs and opportunity since the closure of the Hazelwood power station.”