A Federal Parliamentary Committee has recognised the importance of carbon capture technology to Australia and regional climate mitigation efforts.
Australia's oil and gas industry today welcomed the bipartisan recommendation of the House Standing Committee on Climate Change, Energy, Environment and Water for Australia to ratify the 2009 amendment to the London Protocol.
The Committee found the amendment, which allows for the import and export of carbon dioxide as part of global action to reduce emissions, provided a "means for countries to respond to the real urgency of climate change."
Australia's valued trading partners with limited opportunity to store their own industrial emissions will be able to look to Australia for carbon capture utilisation and storage (CCUS) solutions.
Australian Petroleum Production & Exploration Association (APPEA) Chief Executive Samantha McCulloch said the industry had supported the amendment in its submission to the inquiry.
"It is a positive development that a committee comprised of government, opposition and crossbench MPs has recognised the importance of carbon capture to Australia's net zero path," she said.
"CCUS has been used around the world for 50 years and is widely recognised by authorities like the International Energy Agency (IEA) the Intergovernmental Panel on Climate Change (IPCC) and Australia's own Climate Change Authority (CCA) as being critical to net zero."
The Committee found: "Australia could be at the forefront of regional CO2 storage given our natural geological advantages and industry experience."
Ms McCulloch said Australia should seize the economic and emissions reduction opportunity of CCUS, which can attract new investment and create jobs across a range of industries.
"Australia has excellent geological storage resources, a world-leading regulatory regime and the skills and expertise to deliver CCUS at scale," she said.
"Australia's position as a global resources powerhouse can help also make us a global decarbonisation powerhouse.
"Countries such as Japan, South Korea and Singapore do not have the geology to store their emissions so Australia should take this opportunity to create a major new industry."
