Santos is intending to register its Moomba project for the Emissions Reduction Fund established by the Federal Government.
The Emissions Reduction Fund is a scheme that aims to provide incentives for organisations to adopt new practices and technologies to reduce their emissions.
Santos has said it will commence the application process to register its Moomba CCS Project with the Clean Energy Regulator and generate Australian Carbon Credit Units (ACCUs). Once ACCU is earned per ton of carbon dioxide equivalent stored or avoided by a project.
The $210 million Moomba Project will be one of the biggest in the world, intended to permanently store 1.7 million tonnes of carbon dioxide per year in the same reservoirs that previously held oil and gas.
The International Energy Agency’s (IEA) Sustainable Development Scenario requires a hundredfold increase in CCS between now and 2050 to achieve the world’s climate goals, going from 40 million tons today to 5.6 billion by 2050.
Santos managing director and chief executive officer Kevin Gallagher said that zero-emissions technologies are essential to meet the world’s emissions reduction targets.
CCS will reduce Australia’s carbon emissions and is set to underpin a new, large-scale carbon storage industry for the nation, creating new skilled, secure, well-paid jobs,” Gallagher said.
“The Australian Government’s focus on CCS and other low-emission technologies sets Australia up to capitalise on our natural assets and become a carbon storage superpower, building on the position we have established as an energy superpower over more than half a century.
“With the new CCS method now approved, Santos will seek to have the Moomba CCS Project registered and generate ACCUs through the Emissions Reduction Fund.”
For more information visit the Santos website.