Government plans to allow ‘Green Bank’ to invest in coal CCS – July 2017
Energy Minister Josh Frydenberg has announced plans to amend the Clean Energy Finance Corporation Act to allow investment in carbon capture and storage (CCS).
The technology involves capturing carbon dioxide from a power plant and burying it underground in a bid to reduce emissions.
But the move has been met with immediate opposition from the Greens and a number of environment groups.
The CEFC was established to fund renewable energy, energy efficiency and low emissions technologies.
Mr Frydenberg said CCS is “proven technology” than can help reduce Australia's emissions.
“Carbon capture and storage can reduce emissions by up to 90 per cent,” he said.
“It will ensure that the Clean Energy Finance Corporation is technology neutral.”
Mr Frydenberg said the rule change could potentially see the CEFC funding new coal-fired power stations.
“If you were to build a high-efficiency, low-emission coal-fired power station combined with CCS, that would absolutely be a project that could be funded,” he said.