The Prime Minister Julia Gillard and Minister for Resources and Energy, Martin Ferguson today welcomed a grant of US$500,000 from the US State Department to the Global Carbon Capture and Storage Institute.
Alongside energy efficiency measures, carbon capture and storage (CCS) will be an increasingly important part of the global energy mix, especially in developing countries which are reliant on a rising share of the world's fossil fuels.
This new grant will directly support carbon-reduction efforts in these nations through knowledge-sharing and capacity-building.
Speaking from the world's largest CCS project on Barrow Island the Prime Minister said the US funding was a tangible vote of confidence in the Australian-founded Institute and recognition of the expertise it offers to other nations.
The Australian Government showed global leadership when it established the Global CCS Institute in 2009.
The United States is also at the forefront of carbon capture and storage development and their funding commitment clearly demonstrates the value other countries place on the Institute's work.
Recognising the need to tackle climate change, the Australian Government is investing record amounts to support energy efficiency, renewables and other clean energy technologies in Australia.
However, finding new ways to move to a low-carbon economy requires global partnerships - partnerships that the Global CCS Institute is facilitating.
The Global CCS Institute's growing membership now has over 260 members including national governments, state governments, non-government organisations and leading global companies.
The work being done by the Institute on behalf of the US State Department will include:
* Mapping and assessment of capacity for CO2 storage in developing countries;
* A study on CO2 re-use;
* Sharing of best practice and experience with financial support mechanisms and policies; and
* Case studies on creating the best enabling environment for CCS deployment.
Chevron's CCS project on Barrow Island, part of the $43 billion Gorgon project, is an excellent example of what the Institute is seeking to achieve internationally.
The Global CCS Institute stock take report released in May found that the Gorgon project was the only new CCS project launched in 2010 which satisfied all 7 criteria agreed by the G8 at L'Aquila in 2009.
The Gorgon CCS project received another boost in support on the world stage yesterday, when it was formally recognised by the Carbon Sequestration Leadership Forum at its annual meeting in Warsaw.
The Prime Minister congratulated Chevron for this global recognition and for their outstanding contributions to our global understanding of the economic, technical and safety aspects of CCS.
This international recognition and support comes as the Government continues to focus on developing our natural resources in a way which furthers our economic wellbeing while ensuring environmental sustainability.
Further information on the GCCSI is available at www.globalccsinstitute.com.