· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Australian Financial Review or enjoy below:
🗞️ Driving the news: Australia is rapidly losing its global leadership in carbon capture and storage (CCS), jeopardizing its net-zero 2050 goal and a potential $600 billion economic opportunity
• Despite launching major CCS projects, including Santos’ $US220 million Moomba CCS project, the country is falling behind in scaling the technology
• Experts warn that slow progress and regulatory uncertainty could cost Australia a dominant position in the industry
🔭 The context: Australia has historically been a leader in CCS, with two of the world’s largest projects for permanently storing CO₂ emissions
• However, investment delays, policy challenges, and international competition are eroding its early advantage
• While CCS is a critical tool for decarbonizing heavy industries like oil, gas, and cement, progress has been slower than anticipated
🌍 Why it matters for the planet: CCS is essential for achieving global net-zero emissions, particularly in sectors where reducing emissions is difficult
• If Australia fails to advance its CCS capabilities, it could increase reliance on fossil fuels longer and slow the global transition to clean energy
• Additionally, missing out on CCS leadership could shift investments and expertise to other nations
⏭️ What's next: The Australian government faces pressure to accelerate CCS investment and streamline regulations to maintain competitiveness
• If action isn’t taken soon, countries like the US and Canada, which are heavily investing in CCS, could take the lead
• Companies and policymakers will need to decide whether to double down on CCS or risk losing a major economic and environmental opportunity
💬 One quote: "After years as a global leader in carbon capture and storage, Australia is rapidly losing ground, posing a serious threat to reaching net zero emissions by 2050 and a $600 billion opportunity." — Angela Macdonald-Smith, Senior Resources Writer
📈 One stat: Santos’ $US220 million Moomba CCS project makes Australia home to two of the world’s top three CCS projects, but further investments are lagging
Click for more news covering the latest on carbon capture & storage
