Green Markets

EWN Publishing

Federal plan: CO2 dumps and nuclear power to dominate future Australia carbon credit market

Posted by gmarkets on 10 October, 2007

The project by South Australian company Santos to capture and safely store carbon dioxide deep underground as the Cooper Basin oil and gas reservoirs reached the end of their useful life had the potential to store up to 20 million tonnes of carbon dioxide per annum and up to one billion tones over its lifetime, South Australia’s Senator Simon Birmingham said in the Commonwealth Senate on 20 September 2007.

Market response: Speaking to the National Greenhouse and Energy Reporting Bill 2007, Birmingham used the project as an example of how the market might respond with clean coal options. It was, he said, one of the most exciting projects to be proposed in addressing greenhouse emissions.

Clean energy sources over time: Over time, Birmingham predicted, the market for carbon emissions would no doubt see further development of non-greenhouse gas polluting energy sources. Solar, wind or geothermal power would play a role, with significant investment in those technologies already taking place.

Nuclear option: It might also be the case, Birmingham said, that nuclear power, which stood as the most reliable currently known base load generating alternative to coal fired power stations, could also play a role. If this proved to be economically and environmentally feasible he hoped that petty, parochial politics did not stand in the way of such a development.

Reference: Simon Birmingham, Senator for South Australia, Senate Hansard, Commonwealth of Australia, 20 September 2007.

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