I want to start by acknowledging the Wurundjeri people of the Kulin Nation, the traditional custodians of the land you’re meeting on today.

I’m sorry I can’t be with you in person for this important summit.

Last November, the International Energy Agency reiterated that carbon capture, use, and storage remains a vital technology for achieving net zero emissions.

This is a welcome vote of confidence in carbon capture and storage.

The scale and urgency of addressing global warming demands we use all the tools available to us.

Deploying carbon management and geological storage technologies will help secure Australia’s energy transition future – and it will support our regional trading partners to decarbonise.

Along the way, it will create new jobs and economic opportunities here at home.

Carbon capture and storage has faced challenges. It continues to face challenges. 

Injecting CO₂ in deep underground geologic formations is a complex undertaking.

Some projects have under-performed and there has been high expectations.

But there is solid evidence this technology works – and that it will improve with time.  That is the story for all technology.

The Sleipner and Snøhvit projects have safely and permanently stored millions of tonnes of CO₂ below the North Sea.

Chevron’s Gorgon Project has so far stored nearly ten million tonnes of CO₂ in deep sandstone reservoirs off Barrow Island.

The project has attracted much criticism for its failure to meet initial storage forecasts, but Chevron is confident these issues will be overcome, allowing it to hit its target of storing four million tonnes of carbon dioxide a year.

The promise of effective, meaningful long-term carbon storage is being delivered – and the pace is quickening.

We see this with the growing numbers of current and future projects.

Last year, the Global Carbon Capture and Storage Institute listed 41 carbon storage facilities operating around the world.

While this may be a small number, there was also a global pipeline of 351 facilities in construction or in advanced development.

Here in Australia, there are 18 commercial-scale projects either operating, planned or in the test phase.

The Australian Government’s focus is on developing policies that promote the further deployment of carbon management technologies.

The Future Gas Strategy I released in May makes plain our commitment to this – and our determination to expand geological storage solutions.

We’re reviewing the environmental management regime and looking at ways to improve regulations that support offshore project proposals.

A review is also underway to ensure the CCS regulatory regime is fit-for-purpose in a decarbonising economy. 

Australia is fortunate to have large, stable offshore formations that are suitable for containing CO₂. 

But we know that new sites need to be identified to drive private investment into these storage projects.

To that end, we’re investing $3.4 billion over 35 years in the Resourcing Australia’s Prosperity program. 

This Geoscience Australia initiative will finalise several national-level offshore maps and deliver information that will help de-risk investment into offshore injection and storage sites.

In 2022, I awarded five new assessment permits to explore for suitable offshore storage sites – the first greenhouse gas acreage release since 2014.

And last month, I declared two identified greenhouse gas storage formations, which will be the first step in the commencement of injection and storage operations in offshore areas of Australia. 

Furthermore, to facilitate the international movement of CO₂ for storage, the Australian Government last year ratified amendments to the London Protocol. (*NB)

This will help create new opportunities for transnational storage projects and support deeper collaboration between Australia and our regional partners.

The Asia Pacific Region is rapidly emerging as a globally important carbon storage player.

We have the skills, the experience, and the determination, to be a big part of this burgeoning sector.

I look forward to working with you to make this a reality.

Thank you.

(*NB: Clarifying the Australian Government has passed legislation to align with the London Protocol, and is working towards ratification of the 2009 amendment to the London Protocol.)