Consultation: Glencore’s proposed carbon capture and storage project

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1 May 2024

To: Australian Senate Standing Committees on Environment and Communications
Re: Glencore’s proposed carbon capture and storage project

The Institute for Energy Economics and Financial Analysis (IEEFA) thanks the Senate Standing Committees on Environment and Communications for the opportunity to submit these comments in connection with its inquiry into Glencore’s proposed CTSCo carbon capture and storage (CCS) project.

Based in Asia, Australia, Europe and North America, IEEFA’s energy finance analysis team researches and analyses issues related to energy markets, trends, and policies. The Institute’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.

This submission responds primarily to item (g) the role of CCS technology in Australia’s broader climate change mitigation strategy, including an evaluation of its efficacy, risks and alternatives. The submission summarises the existing track record of CCS projects in Australia and overseas. CCS is an expensive and unproven technology that allocates resources and capital away from alternative projects and technologies that do have proven track records of supporting decarbonisation efforts.

Kind regards,

Anne-Louise Knight – Lead Analyst, Australian Coal, IEEFA
Kevin Morrison – Energy Finance Analyst, Australian Gas, IEEFA