Australia’s peak body for the oil and gas industry said today’s announcement of $539.2 million in new hydrogen and carbon capture, use and storage projects by the Morrison Government is a massive boost for the industry and will help to further cut Australia’s emissions.
APPEA Chief Executive Andrew McConville said many of the association’s members are already at the forefront of hydrogen development and carbon capture solutions and this announcement will help accelerate development.
“Our industry works both in Australia and around the world to accelerate the development of low emissions technologies,” Mr McConville said.
“Just as government investment in renewables has fast tracked projects, this will do the same and create thousands of jobs in the process.
“Natural gas plays a vital role in reducing Australia’s and Asia’s emissions. Australian liquefied natural gas is helping to reduce emissions in importing countries by about 170 million tonnes each year and the commitment to the development of carbon capture and hydrogen solutions will make a further substantial contribution.
“Natural gas is a pathway to a large-scale hydrogen industry.
“Australia’s LNG export success means the Australian upstream oil and gas industry has the technology, expertise, commercial and trade relationships to make, in particular, hydrogen exports a reality.
“Developing a local hydrogen industry could enable lower emissions both in Australia and internationally, reduce energy costs, deliver energy security, together with new employment and manufacturing opportunities.
Mr McConville said carbon capture is already well established as a safe, large-scale permanent greenhouse gas emissions abatement solution.
“Australia has a natural competitive advantage to implement CCS at scale. We need low-cost carbon abatement to maintain Australia’s position as a leading energy exporter,” he said.