The funding hinges on Parliament approving an extension to the remits of the Clean Energy Finance Corporation and the Australian Renewable Energy Agency to include fossil fuel research. "Expanding the functions of the ARENA and the CEFC to open up opportunities for this technology in other sectors can be valuable for creating opportunities for zero and negative emission technologies in harder to abate industries," she said. “Institutional investors have little appetite to allocate capital to legacy technology such as fossil fuels with carbon capture, utilisation and storage in the electricity sector," Ms Herd said. Though the consortium, which has $2 trillion under management, does back CCS funding in other sectors, which would include capturing, storing and in some cases utilising the carbon dioxide that will be emitted by producers of cement, plastics and steel, even if those manufacturers were to source 100 per cent of their power from renewables. The proposal was backed by fossil fuel companies but Emma Herd, chief executive officer of the Investor Group on Climate Change (IGCC ), said investors did not want taxpayer money spent on CCS for fossil fuelled electricity generation. This is part of the government's $1.9 billion "new technologies" package, aimed at funding fledgling projects such as making gas-fired hydrogen fuel – a process that still needs CCS as the process releases carbon dioxide that has to be buried if the hydrogen is to pass as clean energy.Ĭarbon capture and storage technology has been backed by the likes of the International Energy Agency (IEA), International Panel on Climate Change (IPCC) and fossil fuel lobbies to reduce emissions but it has enjoyed little commercial success in Australia and abroad. The Morrison government will put another $50 million into carbon capture and storage technology, following more than $1 billion in taxpayer subsidies and investment from the fossil fuel sector since the early 2000s.
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