Australia and the European Commission today signed a Memorandum of Understanding formally acknowledging the European Commission as a Foundation Member of the Global Carbon Capture and Storage (CCS) Institute.
Through international economic and technical collaboration, the Institute aims to accelerate the construction of at least 20 fully integrated industrial-scale CCS projects around the world and pave the way for the broad deployment of CCS technology.
The European Commission has supported this effort and is committed to deploying 12 out of the 20 proposed CCS plants.
The Global Institute was formally launched by the Prime Minister, the Hon Kevin Rudd MP, at the inaugural Foundation Member meeting on 16 April 2009. At that time, the Institute had 85 Foundation Members and collaborating partners, including 16 governments, more than 60 companies and NGOs.
Minister Ferguson said: "CCS technology is an essential stepping stone to maintaining energy security while reducing the carbon footprint of our energy sources. The world's energy demand is set to grow considerably in the coming decades and governments around the world are setting ambitious targets to reduce CO2 emissions during this period.
"If we are to meet both our energy needs and our desire to slow down climate change, we need a range of strategies to transform energy technology as we know it.
"Like the Australian Government, the European Commission is committed to the deployment of CCS technologies alongside its strong support for the commercialisation of renewable energy technologies. CCS and renewables are not competing alternatives, so it is crucial that we continue to pursue all technology options to ensure the best economic and environmental outcomes.
"On behalf of the Australian Government, I am proud to formally welcome the European Commission to the community of nations, NGOs and companies working towards the development and deployment of CCS technology."
Mr Andris Piebalgs, the European Union Commissioner for Energy signed on behalf of the EU, while Martin Ferguson AM MP, the Minister for Resources and Energy, signed on behalf of the Australian Government.