Skip to content Skip to sidebar Skip to footer

$1 billion boost for CCS

Power plantIt seems the question of what to do with the CO2 once you’ve captured it is really starting to hit home.

Following the UK leader of the opposition, David Cameron’s speech highlighting CCS as a priority for its government, both the US and Australia have announced plans for conveniently sweeping the carbon under the rug.

Legislation for an annual $1 billion fund for carbon capture and storage technologies was scheduled to be introduced yesterday, sponsored by US representatives Mike Doyle and John Murtha.

U.S. Reps. Mike Doyle and John Murtha are among the sponsors of bipartisan legislation introduced Tuesday to accelerate the development and deployment of carbon capture and storage technologies via a $1 billion annual fund to bring cutting-edge clean coal technologies to market.

According to Pittsburgh Business Times and several US local papers:

The fund would be received from fees on the generation of electricity from coal, oil and natural gas. Grants from the fund would be awarded to large-scale projects advancing the commercial availability of CCS technology.

Doyle and Murtha are both Pittsburgh-area Democrats. Doyle is from Forest Hills, while Murtha is from Johnstown.

The bill comes at the same time that Australia is looking into storing it in oil fields under the sea.

Reported in the Australian newspaper, The Age, resources minister Martin Ferguson today told parliament the move would enable the gas to be safely stored for many thousands of years, with the potential to substantially reduce Australia’s greenhouse gas emissions.

“Mr Ferguson was introducing amendments to offshore petroleum law which, he said, would enable a key component of the carbon-dioxide capture and geological storage (CCS) process to be actively pursued by industry.

The bill focuses on access and property rights for greenhouse-gas injection and storage in Commonwealth offshore water and provides a management system to ensure safe storage.”

The Global View creates and curates research, perspectives and intelligence on the modern leader’s agenda.

Subscribe Now

Get our latest research papers and amazing posts directly in your email.

Loading

The   Global view © 2022. All Rights Reserved.