Australia will invest A$100 million (US$107 million) in a demonstration project in the Latrobe Valley for the development of carbon capture and storage (CCS) technology.

The CarbonNet Project aims at halting CO2 emissions from coal-fired power generation, industrial processes and new coal-based industries and store them in geological basins. It is estimated to cost at least A$1 billion. A$70 million will be provided directly by the Australia’s federal government while the Victorian state government will make available the remaining A$30 million.
According to the Australian Resources and Energy Minister, these incentives will support the Latrobe Valley to comply with its emission reduction objective without hurting its economy, which strongly depends on brown coal.

Read more about:

Australia CSS project;

• the European Investment Bank monthly selling that rose to 21.5mln permits in January ;
• the Italian launch of the rotation fund for the enforcement of the Kyoto Protocol;
• the US approval of two new nuclear reactors;
• news from the Carbon market.

Full stories in the latest issue of Climate Policy News by Marinella Davide.

Image Credits: CC by The World Wants a Real Deal at Flickr