The Financial Times has released an article, backed by the Global CCS Institute and International Energy Agency, clarifying the common misunderstandings of carbon capture and storage (CCS).
It confirms that CCS is a proven, long-term, safe, and commercially viable practice, with currently 30 operational projects worldwide. With the Intergovernmental Panel on Climate Change forecasting the Paris Agreement’s 1.5C temperature threshold to be breached by 2050, CCS is a necessary addition to today’s carbon-reduction efforts.
As the project moves into a commercial phase, the J-POWER and Sumitomo Corporation joint venture (JPSC JV) will produce clean hydrogen via extraction from Latrobe Valley coal with the same proven CO2 capture technology, as seen in the Osaki Coolgen gasification and carbon capture project in Japan. The JPSC JV will minimise its carbon storage needs by seeking customers for the pure CO2 stream produced. This can be utilised in a wide range of industrial uses such as the production or fertiliser, methanol, and jet fuel.
Currently, there are two excellent opportunities in Gippsland for carbon storage: CarbonNet’s Bass Strait Project and the depleted oil and gas reservoirs of Exxon’s affiliated Gippsland Basin Joint Venture CCS Hub.
To read the full Financial Times’ article, click here.