Coal miner Glencore's wholly-owned subsidiary Carbon Transport and Storage said Friday it has received a A$8.775 million ($6.7 million) grant from the Australian government for its carbon capture and storage project in Queensland's Surat Basin.
"This is an important development for the project and demonstrates the continuing contribution by Glencore and the coal industry to the research and development of low emissions technology solutions for fossil fuels that can be scaled up safely and commercially around the world," said Mike Buffer, group executive for Glencore's global coal business, in a statement. Buffer is also chairman of the World Coal Association.
The funding will enable CTSCo to conduct a front end engineering and design study, moving the project toward a final investment decision to undertake CO2 storage at depths greater than 1 km, Glencore said.
Buffer said the project highlights the role Australia is playing in developing solutions that can reduce emissions from fossil fuels.
The funds are part of a A$23.7 million grant the Australian government is contributing to research and development of carbon capture and storage, the Minister for Resources Matt Canavan said Friday.
