Western Australia's economy would enjoy a $55 billion boost by 2050 from rolling out carbon capture hubs while creating tens of thousands of jobs and protecting existing resources jobs, according to a new report.
The CCUS Hubs Study was commissioned by the WA LNG Jobs Taskforce and co-authored by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) and the Global Carbon Capture and Storage Institute (GCCSI).
Australian Energy Producers today said the research showed how industrial centres could share infrastructure to carpool carbon - conceptualised as Net Zero Zones by an Australian Energy Producers study in May - to accelerate emissions reduction and attract new investment.
The study found WA's GDP would grow by $55 billion between 2030 and 2050 as new jobs were created and existing emissions-intensive jobs were protected.
It found a Pilbara CCUS Hub could meet 33 per cent of the state's emissions reduction target alone and capture 90 per cent of emissions in that region. A total of 37,000 jobs would be created during construction, with another 500 created permanently.
Australian Energy Producers WA Director Caroline Cherry welcomed the study and a $4.3 million funding package to progress the technology.
"This is how a resources powerhouse like WA becomes a decarbonisation powerhouse, seizing the economic opportunities of net zero while lowering emissions" Ms Cherry said.
"CCUS can enable WA to grow its economy, including boosting critical mineral processing while reducing emissions and protecting the resources jobs for which this state is known. The technology can also enable the most cost-effective pathway to low-carbon hydrogen – natural gas combined with CCUS."
Ms Cherry said the report also warned of the need for better CCUS policy direction beyond WA.
"While WA progresses the technology, the report has called for coordinated policy direction from the Australian Government and issued a warning for other jurisdictions - calling for urgent action to advance projects given the seven to 10-year lead time to bring projects to market," she said.
"Australia is uniquely placed with the geology, infrastructure and expertise to create a new industry with new jobs and investment but the time to act is now because the global CCUS race is on."
