Clean energy investment in Victoria supported by new law
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5 November 2008
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Victoria has become the first Australian state to pass stand alone legislation enabling the onshore injection and permanent storage of carbon dioxide and other greenhouses gases, joining only a handful of trailblazers in the world to legislate in this area.
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Mr Batchelor said the Victorian Government was leading the nation in the effort to explore emerging clean coal technologies in the face of climate change.
“The new Greenhouse Gas Geological Sequestration Bill will provide the legal and regulatory certainty required to encourage investment in these and other clean energy technologies.
“Facilitating the development of clean energy technologies like carbon capture and storage and renewables is a key part of our goal of reducing overall greenhouse emissions by 60 per cent of levels emitted in 2000 by 2050,” Mr Batchelor said.
“Carbon capture and storage technology has the capacity to play a vital role in ensuring the continued sustainable use of our vast brown coal reserves in the Latrobe Valley.
“This new legislation sends a clear signal to investors that the Victorian Government is committed to enabling carbon capture and storage, and gives the community confidence that the right checks and balances are in place.”
Carbon capture and storage involves collecting the large amounts of carbon dioxide released by power stations or other emitters and then storing these emissions securely deep underground. The legislation will enable further exploration and research to identify suitable carbon storage sites in Victoria.
“Carbon capture and storage returns carbon to the ground and stores it in the same way as nature stores gas and oil deep underground,” Mr Batchelor said.
“We will now undertake detailed consultation with industry, local government and the broader community to ensure the smooth introduction of the new regulatory framework,” Mr Batchelor said.
“It is early days for carbon capture and storage across Australia.
“As our understanding of Victoria's underground geological storage formations and carbon capture and storage injection and storage technologies grows, this legislation may evolve.
“Through this historic legislation, our Government will ensure that all aspects of carbon capture and storage injection and storage activities are conducted sustainably and in an open, transparent and consultative way which meets community expectations,” Mr Batchelor said.
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