Low Emission Technology Australia (LETA) supports the ratification of an important piece of legislation that will allow for the transboundary movement of CO2 for the purposes of offshore geological storage.
The ratification, which will come into effect on 7 November 2024, affirms the 2009 amendment to the London Protocol through the Environment Protection (Sea Dumping) (Announcement of Provisional Application) Instrument 2024.
The amendment will allow Australia to work with international trading partners to permanently and safely store CO2 to prevent it from entering the atmosphere. It will also support Australia to play to our geological strengths and develop as a regional carbon capture and storage (CCS) offshore storage location.
“CCS has been acknowledged by bodies including the CSIRO and the International Energy Agency as a necessary and urgent priority,” said LETA CEO Mark McCallum.
“The ratification of the amendment to the London Protocol is a positive step forward in advancing the CCS industry in Australia and the Asia-Pacific region. We acknowledge the Australian Government for the important role they have played in this process.
“By committing to the amendment, Australia not only encourages new industrial and trade developments but also strengthens our critical regional ties with nations like South Korea, Japan, Singapore, Timor Leste, and other strategic partners who are looking to abate their emissions but have limited domestic storage potential.”
Australia now joins a progressive international cohort, with several other CCS deploying countries including South Korea, Denmark, Finland, Netherlands, Norway, Sweden, and the United Kingdom, having already ratified the amendment.
The Australian Government, and the Department of Climate Change, Energy, the Environment and Water (DCCEEW) can now officially start working with countries in the region, such as Japan and Korea, to put in place the bilateral agreements necessary to facilitate transboundary CCS projects.
Looking at the approach to bilateral agreements adopted by other European nations, LETA is confident that Australia can follow similar models that will allow for rapid agreement between nations and ensure that regional CCS efforts will move forward without delay.
LETA remains committed to collaborating with government, industry, and our international trading partners to further drive the global deployment of CCS.
ENDS