The Institute for Energy Economics and Financial Analysis (IEEFA) has criticised Australian government proposals to amend legislation to allow the import of CO2 emissions for burial in geological formations beneath the seabed. IEEAFA oil and gas analyst Kevin Morrison said the plan relied on unproven technologies and risked costing Australian taxpayers billions. The proposed Environment Protection (Sea Dumping) Amendment (Using New Technologies to Fight Climate Change) Bill 2023 involves the use of carbon capture and storage (CSS), but Morrison said: “CCS has been around since the 1970s and continues to fail to live up to the expectations promoted by oil and gas producers.” IEEFA claims that Australia’s own efforts – notably the Gorgon CCS facility off Western Australia – have spectacularly underperformed in sequestering emissions. It adds that even if CCS could be made to work effectively, the process only address 10%-15% of the total emissions created by gas extraction. IEEFA says if the bill passed, it could put Australia’s 2030 emissions reduction targets in jeopardy.
🌏♻️ Proposed legislation in #Australia would lay the ground for ambitious new #CCS projects, writes @KMorrisonSeven, #Oil and #Gas Analyst from @ieefa_institute 👇 pic.twitter.com/em780NQH2n
— IEEFA_AsiaPacific (@IEEFA_AsiaPac) July 13, 2023
