Australia Grants A$21.5 Million to ADB’s Carbon Fund
The Asian Development Bank and the Government of Australia have signed a A$21.5 million (US$ 17.7 million) grant to support carbon capture and storage efforts in Asian countries.
Under the agreement, Australia is contributing a A$21.5 million (US$ 17.7 million) grant for the Carbon Capture and Storage Fund.
The Asian Development Bank (ADB) and the Government of
Australia have signed a trust fund agreement to support carbon capture and
storage (CCS) of emissions in Asian region.
The trust fund was granted through Australia’s Global Carbon
Capture and Storage Institute (Global CCS Institute).
The Global CCS Institute is Australia’s bold new initiative
aimed at accelerating worldwide commercial deployment of at-scale CCS.
Under the agreement, Australia is contributing a A$21.5
million (US$ 17.7 million) grant for the Carbon Capture and Storage Fund.
The funding will be spent on geological investigations and
environmental studies into potential carbon dioxide storage sites, capacity
building, and community awareness programs, aimed at accelerating deployment of
carbon capture and storage demonstration projects around Asia.
Bob Pegler, Deputy Chief Executive Officer of the Global
Carbon Capture and Storage Institute, said, "Asia’s share of worldwide
energy-related carbon dioxide emissions is now three times bigger than it was
30 years ago, and under current trends it will soon be the globe’s biggest
emitter."
"This growing rise in greenhouse gas emissions,
combined with other pollutants, threatens the sustainability of Asia’s future
growth, as well as its efforts to reduce poverty and to meet other Millennium
Development Goals," he added.
The Fund will form part of the ADB’s Clean Energy Financing
Partnership Facility (CEFPF), which seeks to help DMCs improve energy security
and transition to lower carbon economies.
Werner Liepach, Principal Director of ADB's Office of
Cofinancing Operations, said, "The CEFPF and funds like the Carbon Capture
and Storage Fund provide quick access to much needed support for ADB's clean
energy agenda and high priority clean energy investments in the region."
