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$35 million for Glencore carbon project

Glencore

Mining and gas trading company Glencore has welcomed the Australian government’s decision to award a total of up to $35 million to its CTSCo Carbon Capture Use and Storage (CCUS) Project.

One of Australia’s most advanced onshore CCUS initiatives, the $210 million test injection program will capture CO2 from the Millmerran power station and store it deep underground in the Surat Basin in Queensland.

In addition to funding from Glencore, the project has industry funding support from Low Emissions Technology Australia (LETA).

This project will provide the reference case for safe and efficient capture and storage of CO2 in Queensland.  In parallel, CTSCo will do further appraisal of the exploration tenement to assess its full potential for CO2 storage.

The International Energy Agency and the United Nations Intergovernmental Panel on Climate Change have identified CCUS as a critical technology for the transition to a low emission future.

Glencore’s CTSCo Project general manager Darren Greer said the government’s support for a broad suite of technologies, from renewables to hydrogen and CCUS, was a positive and pragmatic approach.

“It balances investment in energy systems of the future and a pathway for materially reducing emissions from fossil fuels, while recognising the important contribution these industries make to jobs and the national economy,” he said.

Glencore aims to achieve net zero total emissions by 2050.

The Minerals Council of Australia chief executive officer Tania Constable welcomed the move, saying CCUS was a vital technology for global and national development.

“The International Energy Agency and the UN Intergovernmental Panel on Climate Change see CCUS as critical for net zero,” she said. “Indeed, all credible pathways to net zero include a significant role for CCUS technologies.

“This welcome contribution will help lay the foundation for a Queensland CCUS hub and establish clean industries of the future, including hydrogen and ammonia, both of which will be needed by Australia and our long standing Asian trading partners in order to reach net zero by 2050.”

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