Global Carbon Capture and Storage Institute launched

Prime Minister Kevin Rudd formally launched the Global Carbon Capture and Storage Institute at the inaugural meeting of Institute foundation members in Canberra on 16 April 2009.

The Institute is being established by the Government to accelerate the deployment of carbon capture and storage (CCS) technology globally and the sharing of information.

It has already received strong and widespread international support with 85 bodies, including 16 national Governments and more than 40 major companies, signing on as foundation members and collaborating participants. More members are expected to join by 1 July 2009 when the Institute will become a separate legal entity.

The GCCSI is an important part of the Australian Government's response to the environmental and economic challenge of climate change.

The Government's climate change strategy is designed to reduce our carbon pollution, adapt to the impact of climate change we cannot avoid and help shape a global solution.

The Australian Government believes that carbon capture and storage has the potential to play an important role in the global transition to a low carbon economy.

The Institute is an initiative to help drive global cooperation on CCS projects and technologies.

It will help shape an international solution to climate change by building momentum for the deployment of CCS technology.

It will make an important contribution reducing the level of carbon pollution in Australia by advancing technology that will capture and store emissions.

It will also play a key role - along with the International Energy Agency and the Carbon Sequestration Leadership Forum - in achieving the G8 group's goal of the broad deployment of CCS technology by 2020.

The Government announced the Institute in September 2008 with annual funding of up to $100 million to accelerate the deployment of commercial scale CCS projects globally.

The Government appointed Mr Nick Otter as interim CEO and recently appointed Mr James D. Wolfensohn to the position of Chair of the International Advisory Panel of the Global Carbon Capture and Storage Institute.