The world’s largest carbon capture and storage project has failed to meet a crucial target of capturing and burying an average of 80% of the carbon dioxide produced from gas wells in Western Australia over five years. From a report: The energy giant Chevron agreed to the target with the West Australian government when developing its $54 billion Gorgon project to extract and export gas from fields off the WA coast. The five year milestone passed on Sunday. In a statement the energy giant Chevron announced that since operations began in August 2019 it had injected five million tonnes of greenhouse gases underground. According to the independent analyst Peter Milne, that leaves a shortfall of around 4.6 million tonnes, which he estimates would cost about $100 million to offset via carbon credits.
The project has national and even international significance, with the oil and gas industry and the federal government declaring the success of carbon capture and storage to be crucial in tackling climate change while making use of fossil fuels. “It is essential we position Australia to succeed by investing now in the technologies that will support our industries into the future, with lower emissions energy that can support Australian jobs,” Prime Minister Scott Morrison said in April while announcing $263.7 million in funding to develop carbon capture and storage technology.
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