Over the next two years, The CarbonNet Project will evaluate short-listed potential storage sites, followed by the drilling of data appraisal wells, with the aim of selecting high grade site(s) for detailed mapping. This will determine viable locations for the safe, long term storage of CO2.
Investigation into suitable potential carbon capture plants and technology will continue along with assessment of transport corridors to the selected injection site.
Defining the commercial structure and underlying principles to attract private sector investment is a primary focus during this stage of the project. Various business models, between government and the private sector, including options for a variety of commercial combinations of capture, transport and storage arrangements, are being examined.
Community and stakeholder engagement is also a strong focus. The project has a broad range of stakeholders that includes landholders, the local community, industry groups, community groups, environmental organisations and the global CCS community.
With the help of its partners, which includes the Commonwealth, the Global CCS Institute, the Clinton Climate Initiative and industry, The CarbonNet Project will develop the emerging industry of CCS in Australia.
If proved viable, The CarbonNet Project would play a significant role in national and international efforts to reduce CO2 emissions.