Australia – Natural gas supplier Santos welcomed the Federal Government’s announcement of the carbon capture and storage (CCS) method for the Emissions Reduction Fund and has begun the process of applying to the Clean Energy Regulator to register our Moomba CCS Project and generate Australian Carbon Credit Units (ACCUs).
Santos’ A$210 million Moomba CCS Project will be one of the largest in the world, storing 1.7 million tonnes of carbon dioxide per year safely and permanently in the same reservoirs that have stored oil and gas for tens of millions of years.
The International Energy Agency’s (IEA) Sustainable Development Scenario calls for a hundredfold increase in CCS between now and 2050 to meet global climate targets – from 40 million tonnes of CO2 stored annually currently to 5.6 billion tonnes by 2050.
Just last week, Fatih Birol, executive director of the International Energy Agency, stated: “Our calculations indicate that achieving net zero energy targets without CCS will be very impossible.”
Forefront of CCS deployment
Santos Managing Director and Chief Executive Officer Kevin Gallagher stated that the announcement by Minister for Energy and Emissions Reduction Angus Taylor positions Australia at the forefront of CCS deployment, which the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC) both believe is critical for limiting global temperature increase.