Carbon capture and storage projects involving Glencore, Shell and AGL are among the beneficiaries of $23 million in new grant funding announced today by the Federal Government.
The Federal and Victorian governments today jointly committed $100 million to a CCS project that aims to exploit the Latrobe Valley's vast brown coal resources while sharply reducing emissions.
A coal council report released by Energy Minister Martin Ferguson after a year's delay warns that a suite of CCS demonstration projects will cost up to $17 billion over the next decade, while the council is also calling for the Government to rethink project timelines and says 'CCS-ready' standards should be applied to large industrial sites and gas-fired plants.
Coal companies would be the big winners from carbon capture and storage but haven't provided anywhere near enough money to show the technology can work, Shadow Energy and Resources Minister Ian Macfarlane tells CE Daily.