deepC Store participates in Australian Government’s parliamentary inquiry process for the 2009 Amendment to the London Protocol
deepC Store participated in Australian Government’s parliamentary inquiry process for the 2009 Amendment to the London Protocol by issuing a submission to the House of Representatives’ Standing Committee on Climate Change, Energy, Environment and Water. deepC Store views this as the commencement of Australia’s policy and legislative process for enable transboundary movement of CO2 to and from Australia for geological storage, a key enabler for addressing emission reduction on a global scale.
In this submission, deepC Store supports for the Australian Commonwealth Government, by no later than 2025, to:
accept the 2009 Amendment to the London Protocol for supporting ratification;
submit its declarations on the provisional application of the 2009 Amendment with the International Maritime Organisation (for enabling transboundary Carbon Capture and Storage (CCS) until such time that the 2009 Amendment is fully ratified); and
execute agreements or arrangements between prospective CO2 exporting countries in the Asia Pacific region such as Japan, Korea and Singapore for enabling a series of transboundary CCS projects in Australia.
deepC Store also highlights the large CO2 storage potential of Australia, and the key opportunities for Australia to unlock material economic and social benefits while also playing a central role for the world to reach net-zero.
Other key matters addressed in deepC Store’s submission for providing a full overview of the emerging high-growth CCS industry, and the associated opportunities and challenges for Australia are as follows:
Emission reduction contribution expected from Carbon Capture, Utilisation and Storage (CCUS) (in addition to all other decarbonisation technologies & initiatives doing their part) for reaching net zero by 2050.
Context on why CCU, while important, has a relatively limited market size to manage the total emission reduction contribution expected from CCUS, highlighting the vital importance of CCS
Large CO2 storage potential of Australia, and associated key opportunities and challenges to unlock value
Technology maturity of each component of CCS technology (Capture, Transportation, & Storage)
Key challenge of “distance” to offer CCS to all hard-to-abate sectors, and key technology gaps to address this challenge
Current state of play of transboundary CCS policies and legislations, and why Australia needs to accelerate its effort to enable transboundary CCS.
For full detail of deepC Store’s submission, see link.
For submissions made by other parties, see link.
For further details please contact
deepC Store Limited - Daein Cha getintouch@deepcstore.com
