Federal government’s $539.2 million investment into hydrogen and carbon capture welcomed by industry
By Sourced Externally
May 3, 2021
Australia’s peak body for the oil and gas industry said the federal government’s investment of more than $539.2 million for hydrogen and carbon capture would help cut the nation’s emissions.
Australia’s peak body for the oil and gas industry said more than $539.2 million announced for hydrogen and carbon capture by the federal government would help further cut nation’s emissions.
Australia Petroleum Production and Exploration Association (APPEA) chief executive Andrew McConville said many of the association’s members were already at the forefront of hydrogen development and carbon capture solutions, and the announcement on April 21 would help accelerate development.
“Our industry works both in Australia and around the world to accelerate the development of low emissions technologies,” Mr McConville said.
“Just as government investment in renewables has fast tracked projects, this will do the same and create thousands of jobs in the process.
“Natural gas plays a vital role in reducing Australia’s and Asia’s emissions.
“Australian liquefied natural gas is helping to reduce emissions in importing countries by about 170 million tonnes each year and the commitment to the development of carbon capture and hydrogen solutions will make a further substantial contribution.”
Mr McConville said gas was a pathway to a large-scale hydrogen industry.
“Australia’s LNG export success means the Australian upstream oil and gas industry has the technology, expertise, commercial and trade relationships to make, in particular, hydrogen exports a reality,” he said.
“Developing a local hydrogen industry could enable lower emissions both in Australia and internationally, reduce energy costs, deliver energy security, together with new employment and manufacturing opportunities.”
Mr McConville said carbon capture was already well established as a safe, large-scale permanent greenhouse gas emissions abatement solution.
“Australia has a natural competitive advantage to implement CCS at scale,” he said.
“We need low-cost carbon abatement to maintain Australia’s position as a leading energy exporter.”