The Australian Government has unveiled the 2023 Offshore Greenhouse Gas Storage Acreage Release, which will assist Australia in reducing emissions and meeting net zero targets.
New offshore greenhouse gas storage acreage includes 10 basins for carbon capture and storage (CCS) sites in waters off Western Australia, Victoria, and Tasmania, already hosting offshore exploration and production activities.
Minister for Resources and Northern Australia Madeleine King stated that the areas were chosen based on their geology and storage capability and tailored in response to public feedback to reduce impacts on other marine users and the marine ecosystem.
“The Australian Government is committed to lowering emissions and helping the world to achieve net zero emissions by 2050,” Minister King said.
“Both the Climate Change Authority and the International Energy Agency have said CCS will be an important technology to help the world achieve its climate goals,” the Minister added.
The Climate Change Authority emphasises the importance of strong and urgent emissions cuts and carbon sequestration growth for the world to meet its net zero goals by mid-century.
According to the CSIRO, CCUS is part of a package of technologies that will help reduce atmospheric emissions from Australia’s energy system.
Meanwhile, the International Energy Agency acknowledges that CCS and CCUS will be essential in achieving net zero emissions by 2050, particularly in hard-to-abate industrial sectors.
Minister King stated that the Federal Government has allocated $12 million in the May 2023-24 fiscal year to evaluate the environmental management regime and look into ways to improve legislation to support offshore CCS projects.
Further details on the 2023 Offshore Greenhouse Gas Storage Acreage Release are available here.
