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NT promised A$300m investment in green energy

26th April 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Australian Prime Minister Scott Morrison has pledged a A$300-million funding package to the Northern Territory, to grow export opportunities and boost employment, ahead of a federal election in May.

The A$300-million package will fund a new hydrogen hub in Darwin and multiple carbon capture and storage (CCS) sites within the Middle Arm priority region, as identified in the government’s Energy Security and Regional Development Plan, which has allocated A$2.6-billion for projects in the Northern Territory, Morrison said.

The Prime Minister said the projects would deliver an estimated A$1.9-billion of total investment into the Territory, creating more than 3 800 jobs.

“Our economic plan for the Territory will deliver a jobs boom, creating a stronger economy for a stronger future. We want to harness the Territory’s position as a world leader in energy and turbocharge it, unlocking investment and generating more jobs.”

Up to A$70-million to develop a clean hydrogen industrial hub at Darwin in partnership with the Northern Territory government, with a further A$1-million going to support Inpex Operations Australia’s early-stage Darwin Clean Hydrogen Hub – Market Development Study at Middle Arm, with a total project value of A$3.1-million.

Morrison has also pledged up to A$100-million to support Darwin LNG and Santos to construct an Integrated Northern Australia CCS hub, to reduce emissions from liquefied natural gas (LNG) production at Darwin and connect production with carbon dioxide (CO2) processing facilities and storage reservoirs.

Up to A$30-million has also been promised for Inpex Browse E&P to assess the Petrel sub-basin’s suitability for permanent, safe and low-cost CO2 storage, and up to A$3.43-million for the Commonwealth Scientific and Industrial Research Organisation to develop a Northern Territory low emissions CO2 utilisation industrial hub business case and associated technical studies.

A further A$96-million will be made available for future clean energy projects in the Northern Territory, Morrison said.

Minister for Industry, Energy and Emissions Reduction Angus Taylor said these investments would turbocharge the development of Australia’s hydrogen industry and give Australian natural gas producers an even bigger comparative advantage.

“Global demand for LNG is poised to grow in response to the Russian invasion of Ukraine, and the Territory will benefit from another jobs boom as production decarbonises and new fields like the Beetaloo are opened up,” Taylor said.

“Low cost, nearby greenhouse gas storage opportunities offer Australian LNG a potential comparative advantage as our customer countries seek to cut their emissions.

“With world-class natural gas resources in the Beetaloo and offshore basins, ample renewables capacity and a skilled workforce, there are extensive jobs and economic opportunities for Territorians.”

The committed projects have the potential to reduce emissions by 10-million tonnes a year from 2025, and up to 30-million tonnes a year by the end of the decade, with funding conditional on demonstration of value for money and public benefit for investment, Morrison said.

Edited by Creamer Media Reporter

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