October 4, 2021 Read More →

Morrison boosts support for carbon capture with tax credits

The Guardian:

The Morrison government has increased support for controversial fossil fuel projects that promise to capture and store carbon dioxide emissions by approving a plan to award them carbon credits.

It followed the oil and gas company Santos saying a proposed carbon capture and storage (CCS) project at its Moomba gas well in South Australia hinged on whether it had access to carbon credit revenue.

Angus Taylor, the emissions reduction minister, hailed the development of a method to grant credits to large-scale CCS projects as a global first. He said the credits could then be sold back to the government through its $4.5bn emissions reduction fund or to companies on the voluntary market, and would allow Australia to increase production of liquified natural gas (LNG).

“We have worked closely with industry practitioners and technical experts to develop this method, which we expect will help unlock new projects across Australia, create new jobs and generate billions of dollars in economic activity,” he said. “It will also support the production of clean hydrogen from existing energy resources like coal and gas.”

[Adam Morton]

More: Coalition approves plan to award carbon credits to CCS fossil fuel projects

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