The Sector Pathways Review (the Review), released today by the Climate Change Authority (the Authority), highlights the important role that low emission technology will play in decarbonising hard-to-abate industries and determining Australia’s net zero future.
Mark McCallum, Chief Executive of Low Emission Technology Australia (LETA) welcomes the Authority’s recognition of the role for low emission technology.
“LETA’s submission to the Review stated that low emission technology, both globally and in Australia, has the potential to play an important role in a cleaner energy future. The development and deployment of low emission technology will support Australia to meet emissions reduction targets while maintaining energy security and supporting economic development and industry growth.
“With the release of the Review today, LETA was pleased to see the Authority identify rapid development of emerging low emission technologies as an important pathway to decarbonisation.
“LETA would now like to see the Government respond to this advice with the adoption of a technology neutral, least cost approach that focusses on efficiency, equity and administrative simplicity.
“Low emission technology unlocks a faster, cheaper pathway to net zero for hard-to-abate industries that are critical to our economy, provide thousands of Australian jobs and support our households every day.”
In its Review, the Authority identified the need to deploy methane mitigation technologies, including ventilation air methane (VAM) abatement technology, in underground coal mines. LETA takes an industry-leading role in investing in the development and acceleration of methane mitigation technologies and is exploring solutions applicable to underground and open cut mine sites.
A current example of LETA’s investment in methane mitigation technology is the Catalytic VAM Abatement Commercialisation Project. The project aims to assess the suitability of an emerging VAM abatement technology for safe deployment at scale in Australia.
The Authority identified carbon capture use and storage (CCUS) as an emissions reduction solution for hard-to-abate industries and noted that is it a crucial technology for decarbonisation of Australia’s cement industry.
LETA is invested in developing CCUS solutions for the Australian cement industry, including with a current project that is seeking to trial carbon capture at a cement plant in Queensland.
In addition to its role in the future of Australia’s cement industry, CCUS technology has a range of applications across a wide range of industries including steel and power generation and it enables the production of low carbon hydrogen.
LETA’s investment in CCUS technology includes the identification of world-class CO2 storage sites, demonstration of carbon capture at steel and power plants and studies into transport, economics and global learnings.
LETA remains committed to collaborating with government, industry, and our international trading partners to further explore new technologies that will support Australia to reach net zero while ensuring a future for the critical industries that support Australian jobs and households every day.
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BACKGROUND
Low Emission Technology Australia (LETA) is a not-for-profit investment fund that accelerates the development and large-scale deployment of technology solutions to reduce and remove greenhouse gas emissions from critical industries like steel, cement and power generation.
LETA’s investment in technology unlocks a faster, cheaper pathway to net zero for hard-to-abate industries that are critical to the economy, provide thousands of Australian jobs and support households every day.
Since 2006, LETA members have contributed more than $400m to low emission projects and unlocked a total investment of $1.1b. LETA members recognise the crucial role of low emission technology in enabling a net-zero future for their industries, their customers, their workforces and Australian communities.