COMMITTEE SUPPORTS CCS STORAGE EXPLORATION ANNOUNCED TODAY [30.10.2009]
The release today of acreage in the Gippsland Basin for the exploration of carbon storage sites is a key step towards the establishment of low emissions coal technology that would bring international investment and jobs to Victoria, and guarantee the State’s power supply, according to the Committee for Melbourne.
The Committee’s Policy Director Susan Vale said Victoria has an opportunity to be a world leader in the demonstration of CCS technology in the context of coal-fired power generation.
“A large scale CCS demonstration project in Victoria could become a model for applying CCS technology to power generation worldwide, and establish a leading global position for Victoria in this critical new industry,” she said.
The Latrobe Valley was an ideal site because there is a major cluster of emitters; there are abundant reserves of brown coal; there is proximity to storage onshore and off-shore, which keeps transport costs low; and the size of potential storage is huge, Ms Vale said.
CCS works by capturing greenhouse gases as they are produced, compressing the gas and then storing it underground, either on or offshore. If coupled with coal-fired generation it could create a low emission, reliable base-load electricity supply.
Benefits to Victoria would include: • Lowering our greenhouse gas emissions; • Developing CCS infrastructure that would guard the value and relevance of Victoria’s brown-coal resource; • Create new industries and jobs for Victoria; • Promote regional development in the Latrobe Valley; and • Showcase Victoria’s innovation and R&D capabilities.
Ms Vale said the Federal Government had put up $2.4million to fund up to four CCS demonstration projects with announcements due in March 2010, and $100million annually to establish the Global Institute on CCS. The State Government had also put up $110million through the Energy Technology Innovation Strategy and had been an early mover in reducing red tape to enable a demonstration project to be established.
“The money is available for a large scale CCS project. Now it’s up to all Victorians to show their support for bringing this investment to our State,” Ms Vale said.