Industry Minister Ian Macfarlane has welcomed the formation of the industry-led Low Emissions Technologies for Fossil Fuels (LETFF) Leadership Roundtable.
The group was created to focus on ways to reduce carbon emissions from the use of fossil fuels.
Macfarlane said Australia is consolidating its position as an energy superpower. "But to make the most of our edge in an increasingly competitive global market it’s essential that industry takes a proactive approach to providing the lower emissions fuel that will power the emerging energy-hungry markets in our region,”he said.
“Energy is one of Australia’s areas of competitive strength and we are well placed to capitalise on our natural advantages and enhance them through the use of science, research and technology.
“The Energy Green Paper notes that fossil fuels will continue to play a large role in Australia’s energy generation mix for decades to come. Low emissions technologies will provide an effective and sustainable response to reducing emissions from fossil fuels."
The federal government has committed more than $300 million to low emissions technology research and development including demonstration projects such as the $11.5 million Australia-China Post Combustion Capture (PCC) Feasibility Study Project, the largest bilateral project with China funded by the Australian government.
An additional $25 million will be made available from July 1, 2015 for carbon capture and storage (CCS) research and development to support the China PCC Project.
"Activities under this project will be principally based in Australia to take advantage of Australia’s expertise on transport and storage," Macfarlane said.
“Ultimately industry must take the lead in progressing the next phase of research and development in carbon capture and storage.
“This roundtable is a great forum for a cohesive national focus on using Australian skills, expertise and R&D to lower emissions from traditional fuel sources.”
Australia will continue international engagement on CCS and other low emissions technologies through key multilateral forums including the long-standing Carbon Sequestration Leadership Forum and the Global Carbon Capture and Storage Institute.
"The Government will work with industry to ensure that Australia will benefit from any international engagement," he said.
