The solution to addressing emissions reduction lies at the intersection of technology, policy and market forces, and government has a critical role to play.
“I feel very passionate about this because the role of government is to set the stage for technologies to develop and evolve,” says Hamblin Wang.
Last year, the Australian Government developed a CCS Emissions Reduction Fund Methodology for validating and awarding carbon credits for CCS. It is currently midway through the development of a carbon capture, use and storage methodology, which in the future will provide credit for circular carbon economy technologies.
“However, the process is unclear at this time,” says Hamblin Wang. “We need policy certainty and validation for the development of these methods because Australia’s issuance of carbon credits for carbon capture and use really sets us apart from our global competitors, especially regarding the future tradability of carbon credits on global markets.”
Hamblin Wang also points to the CSIRO CO2 Usage roadmap published last year.
“We could lock up 19 million tons of CO2 in Australia per year if we accelerate on occasion”, shi said. “And we think that number is a low estimate, but it’s still really good to have him there.”
See Hamblin Wang explore this topic in more detail at Engineers Australia’s Climate Smart Engineering conference, November 22-23. Find out how you can get involved here.