The federal government has committed to investing $500 million into a clean energy fund to reduce emissions. If approved by parliament, the funds would go toward developing carbon capture and storage (CCS), a process which traps carbon dioxide and stores it underground before it can be emitted into the atmosphere.
The Morrison Government’s plan relies on the passage of legislation pushed by the Coalition which would allow for the investment into CCS. When the government released its technology investment roadmap, CCS was predicted to account for 40 per cent of reduced emissions.
CCS is a method which has existed since the 1970’s, but its effectiveness at reducing emissions in a meaningful way is still being researched.
“Australia can become a world leader in creating low emissions technology that is both affordable and scalable, helping get emissions down by creating jobs,” said the Prime Minister.
The $500 million invested by the Coalition is said to be accompanied by another $500 million from the private sector, making the total investment in the CCS plan $1 billion.
There are currently four Australian sites wherein CCS technology is already used. According to the ABC, three out of the four sites are small-scale research studies making little-to-no impact on actual emissions reductions.
The reliability of CCS as a long-term means of reducing emissions is not yet firmly established by science and technology experts. Some argue reliance on CCS is more likely a means of avoiding making larger steps to slow climate change, such as the elimination or phasing out of fossil fuels.
CCS is a method which has existed since the 1970’s, but its effectiveness at reducing emissions in a meaningful way is still being researched.
The Labor Party opposes CCS as it may result in the redirection of funds away from renewable energy sources.
“I want fewer emissions in the air and I’m pragmatic and practical about how it’s achieved,” said Shadow Energy Minister Chris Bowen.
“The government puts too much store in carbon capture and storage and uses it as an excuse to avoid reducing emissions in other ways.”
The federal government’s legislation would likely need to be passed prior to the upcoming 2022 election.
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