Harnessing potential of biological CO2 capture for Circular Economy

The Government is implementing the Carbon Capture Technologies Program. This will focus support into novel CCU technologies, and its applications for hard-to-abate sectors. It will be a competitive grants program that will open later this year.

• The Powering the Regions Fund (PRF) supports regional Australia to reduce emissions in existing industries, foster new clean energy industries, and develop associated workforces. Through the Powering the Regions Fund (PRF), the Australian Government has allocated funding to two competitive grant programs, under which CCUS technologies could be eligible to apply:
  • AUD$600 million to the Safeguard Transformation Stream (STS) to support trade-exposed facilities covered by the Safeguard Mechanism to reduce direct (scope 1) emissions, excluding new or expanding coal and gas facilities.
  • AUD$200 million to the Critical Inputs to Clean Energy Industries (CICEI) grant program to support hard-to-abate sectors – cement and lime, alumina and aluminium – where CCUS technologies may play a role.
• The Safeguard Mechanism ensures that Australia’s largest emitters (facilities with Scope 1 emissions >100,000 tonnes of CO2e/year) contribute to our national net zero by 2050 target.
  • The Government introduced a Bill to amend the 2009 and 2013 Amendments to the London Protocol on 22nd June 2023 – The Environment Protection (Sea Dumping) Amendment (Using New Technologies to Fight Climate Change) Bill 2023.
• Modernisation of Offshore Regulatory Framework – In the May 2023 Budget, the Government committed AUD$12million over 3 years for a review of the environmental management regime for offshore petroleum and greenhouse gas storage activities, to ensure it is fit- for-purpose for a decarbonising economy.
• The Government awarded permits for 5 offshore areas for CO2 storage through the 2021 Greenhouse Gas Offshore Acreage Release. Public consultation for seven proposed areas offshore around Australia under the 2023 offshore greenhouse gas storage acreage release has been opened and will close 30 June 2023. This will be followed by areas released for bidding, after considering the feedback from the public consultation process.