The Minister for Resources and Energy, Martin Ferguson AM MP, welcomes the House of Representatives Primary Industries and Resources Committee report on the Greenhouse Gas Storage Bill 2008, which provides bipartisan support for what the Committee describes as "pioneering legislation".
This Bill will establish the world's first framework for CO2 capture and geological storage. Australia has the capacity to inject and store a significant amount of its carbon emissions in offshore reservoirs and Geoscience Australia is assessing the viability of numerous sites.
Minister Ferguson said: "Australia's energy security depends on us balancing Australia's oil and gas exploration and production capacity with our capacity to capture and store greenhouse gases.
"The Government welcomes this important contribution to this world-leading legislation. The Committee has suggested a number of refinements which I welcome and which I will closely consider.
"I would also like to thank the Committee members and particularly Dick Adams (Chair) and Alby Schultz (Deputy Chair) for their work, which demonstrates the value of the Parliament's committee system.
"It is pleasing to see the bi-partisan Committee's endorsement of the Government's direction regarding both the importance and potential of CCS technology in Australia and my preferred framework to deliver this initiative.
"I note the Committee believes 'that CCS should be promoted as a potential strategy for the mitigation of Australia's CO2 emissions which allows the continued utilisation of our extensive coal reserves' and that 'the draft Bill largely succeeds in attempting to strike a balance between the entitlements of petroleum operators and GHG storage operators'.
"I note the Committee's conclusion that 'GHG injection and storage offers significant opportunities in the near to mid term to dramatically reduce CO2 emissions, and, as such, early implementation should be encouraged' and that 'the Committee is of the view that the regulation and administration of a new industry like GHG storage needs a regulatory regime that is simple, centralised and flexible, because there is still much to learn in terms of appropriate management and best practice. The Committee is satisfied that the Bill provides this'.
"I commend this report to anyone with an interest in this very important issue."