Australia: AU$ 21.5M to Asia for carbon capture and storage

A grant of AU$21.5 million will be supplied by Australia for the Carbon Capture and Storage Fund, as stated by a trust fund agreement to support the capture and storage of rising carbon emission levels in Asia. The signatories of the agreement, which was announced last Monday (July 27), are the Australian government (through its Global Carbon Capture and Storage Institute) and the Asian Development Bank (ADB).

Among the efforts to be supported by the fund are geological investigations and environmental studies on potential carbon dioxide storage sites, capacity building, and community awareness programs which can help accelerate the deployment of carbon capture and storage demonstration projects around Asia.

ADB’s developing member countries (DMCs), with initial priority given to China, India, Indonesia, and Vietnam, will also be supported by the fund. ADB assistance will also be given to central and local government projects, the private sector, and other eligible entities. The projects will be selected based on criteria set by Australia and the ADB.

The Fund will form part of the Clean Energy Financing Partnership Facility (CEFPF), which will help facilitate more investments in clean energy projects in ADB's DMCs by helping DMCs improve energy security and transition to lower carbon economies. The CEFPF has committed a total of $60.2 million to the facility since it was established in April 2007. Its five donor countries are Australia, Japan, Norway, Spain, and Sweden.

The ADB will also increase its clean energy investment target to $2 billion a year starting 2013. Its previous target was at $1 billion.

"Asia’s share of worldwide energy-related carbon dioxide emissions is now three times bigger than it was 30 years ago, and under current trends it will soon be the globe’s biggest emitter. This growing rise in greenhouse gas emissions, combined with other pollutants, threatens the sustainability of Asia’s future growth, as well as its efforts to reduce poverty and to meet other Millennium Development Goals," said Bob Pegler, Deputy Chief Executive Officer of the Global Carbon Capture and Storage Institute.

“ADB is committed to, and currently promoting, greater use of clean energy in our DMCs. The CEFPF and funds like the Carbon Capture and Storage Fund provide quick access to much needed support for ADB's clean energy agenda and high priority clean energy investments in the region," said Werner Liepach, Principal Director of ADB's Office of Cofinancing Operations.
Australia: AU$ 21.5M to Asia for carbon capture and storage

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