The Minister for Resources and Energy, Martin Ferguson AM MP, has closed the Inaugural Meeting of Global Carbon Capture and Storage Institute founding members and reiterated the Government's strong support for the Institute's goal of accelerating the deployment of commercial-scale CCS.
Minister Ferguson said: "With 85 of the world's leading players signed up and committed to making CCS happen, this Institute represents significant opportunity to dramatically reduce CO2 emissions in an economically-sustainable manner.
"The International Energy Agency forecasts that world energy demand will increase by 45% between 2006 and 2030 and despite the rising importance of renewable energy, fossil fuel use, especially coal, will continue to grow throughout this period.
"Therefore, CCS is vital if we are to meet our various targets to dramatically reduce CO2 emissions in the coming decades."
Minister Ferguson said those who question the importance or potential of CCS are "making a political stance, rather than a practical one."
"I simply say that the Australian Government does not view CCS and renewable energy as competing alternatives. They are in fact complementary responses to the challenge we face.
"Opponents of this technological response to climate change need to look at the facts, acknowledge the need for CCS, and understand that this can be done in concert with the development of a suite of other clean energy technologies.
"The Australian government, like many others here today, has committed considerable funding to both driving renewables growth as well as CCS, as all technology options must be explored if we are to meaningfully respond to climate change and increasing CO2 emissions."
The Government announced the Institute in September 2008 with annual funding of up to $100 million to accelerate the deployment of commercial scale CCS projects globally.
It has already received strong and widespread international support with 85 bodies, including 16 national Governments and more than 40 major companies, signing on as foundation members.