**Check against delivery
Good afternoon ladies and gentlemen.
It is my pleasure today to welcome Commissioner Andris Piebalgs to Australia, and his delegation:
- Mr Roland Kobia
Member of Commissioner's Cabinet
- Mr Ferran Tarradellas
Commissioner's Spokesperson
- Mr Graeme Preston
Director-General Transport and Energy
- From the Delegation of the European Commission to Australia, His Excellency Mr David Daly
Ambassador
- Mr John Richards
Counsellor
- Mr Roger Camilleri
Senior Adviser
Media and Public Affairs
Ladies and gentlemen, it was just eight months ago that the Prime Minister announced the Australian Government would spearhead the development and deployment of carbon capture and storage technologies through the creation of the Global Carbon Capture and Storage Institute.
In just eight months, 85 of the world's leading players have signed up and are committed to making CCS happen.
We have a real opportunity to deliver success - to turn CCS into a commercial reality.
Let me take you back to the importance of getting it right.
The International Energy Agency forecasts that world energy demand will increase by 45% between 2006 and 2030.
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.
The Australian Government last week committed to $2.4 billion in low emissions coal technologies, including new funding of $2 billion in industrial-scale CCS projects under the Carbon Capture and Storage Flagships program.
This commitment is part of a broader $4.5 billion package to support the growth of clean energy generation.
When the Institute was formally launched in April, its Foundation Members included 16 governments, more than 60 companies and NGOs, and the EU Governments of France, Germany, Italy, the Netherlands, Norway and the United Kingdom.
The reason so many have signed on is quite simple: the technology is essential to maintaining energy security while reducing the carbon footprint of energy.
The EU is an enthusiastic supporter of this technology.
The International Energy Agency's recommendation is to develop at least 20 industrial-scale CCS demonstration projects around the world by 2020.
The European Commission has supported this mandate and is committed to deploying 12 out of the 20 proposed plants.
We are grateful for your support.