The Carbon Market Institute welcomes the release of the draft carbon capture and storage method for the Emissions Reduction Fund and will consult members and stakeholders in considering a response.
Geological and industrial emission reduction and sequestration methods can play a key role alongside nature-based carbon farming solutions in achieving the net-zero and negative emissions required by the challenges of the climate crisis.
Australia, particularly regional Australia, has significant potential to realise the benefits this can bring for climate action, employment and other outcomes.
Establishing a method for CCS that meets the legislated integrity standards established under the ERF is an important step in realising at least some of this potential with taxpayer support for this technology.
Realising the fullest potential of this technology will require longer reforms to Australia’s carbon markets in a coherent framework to ensure timely emissions reductions towards net-zero emission by 2050.
This should include evolution of policies like the Safeguard Mechanism, which requires large emitters to measure and manage their emissions, to ensure business, rather than the taxpayer, becomes the primary driver of the deployment of these technologies.
Contact Christine Heard on 0418 821 726 or email firstname.lastname@example.org