Green investment fund must support carbon capture projects
The Government’s new Green Investment Finance project should be open to funding carbon capture and storage (CCS) projects, says the Petroleum Exploration and Production Association of New Zealand (PEPANZ).
“It’s unclear whether the fund will support this exciting technology, but it would be bizarre to exclude projects which can significantly reduce emissions,” says PEPANZ CEO Cameron Madgwick.
“This technology is a reality today and can capture carbon emissions and store them underground.
“For example, the proposed 8 Rivers hydrogen project in Taranaki would use CCS as part of producing electricity, fertiliser and hydrogen from natural gas with zero emissions.
“According to the IPCC this technology is essential. Simply put, the world cannot meet its Paris climate targets without it.
“Surely New Zealand will not be alone in turning its back on what could be a win-win for the environment and economy.
“It’s also important for the Government to introduce a regulatory framework so that CCS can be deployed here in future.”
Notes to editor:
- CCS could make up to 55% of the total carbon mitigation efforts until the year 2100, according to the IPCC special report on Carbon Dioxide Capture and Storage 2005. (Metz, B., O. Davidson, H. C. de Coninck, M. Loos, and L.A. Meyer (eds.).
- PEPANZ has consistently called for a comprehensive regulatory framework for carbon capture and storage, which could involve changes to the Resource Management Act (RMA) and Exclusive Economic Zone (EEZ). This would provide certainty to potential investors and developers of this technology.