Carbon capture and storage research centre could be crucial to low emissions future
The Victorian government has announced that it will be contributing $500,000 towards the construction of a new carbon capture and storage research centre to be located at the University of Melbourne.
The centre is set to host 30 scientists and engineers and will be named after Peter Cook, a leading geologist who founded the Cooperative Research Centre for Greenhouse Gas Technologies (CO2CRC).
The news could have positive implications for the future of electricity prices in Australia as we move towards a low emissions future.
"The launch of the Peter Cook Centre for CCS Research is an exciting new chapter in Victoria's emergence as a leader in CCS and will help attract investment and the best and brightest scientists and engineers," said Victorian energy and resources minister Michael O'Brien.
"The research carried out at this new centre will add to our understanding of this potential new industry; an industry which could deliver jobs, boost skills and attract investment, while strengthening Victoria's energy security in a low emissions future."
Carbon capture and storage (CCS), otherwise known as geological sequestration, is the process of taking manmade carbon dioxide and injecting it deep into the earth as opposed to releasing it into the atmosphere.
According to the CO2CRC website, CCS is the only viable option for reducing greenhouse gas emissions while still making full use of fossil fuels.
Electricity suppliers will likely be keeping an eye on this research centre, as it could one day provide an alternative to the federal government's controversial carbon tax scheme.