GE Joins Australian Government-Backed Initiative to Develop Carbon Capture and Storage Power Plants Worldwide
GE Energy announced that it is joining an Australian government-supported initiative to facilitate the development and deployment of carbon capture and storage projects worldwide.
Under a memorandum of understanding signed by General Electric International and the Australian government, GE is becoming a founding member of the Global Carbon Capture and Storage Institute (GCCSI). The institute will provide international policy and management oversight with a goal of delivering commercial-scale CCS plants around the world. Australian Prime Minister Kevin Rudd’s government has pledged to provide up to $100 million per year to fund the institute.
According to the International Energy Agency, world energy demand is expected to grow by 45% between 2006 and 2030. Despite the rising importance of renewable energy, fossil fuels, especially coal, are expected to remain major sources for the world’s energy in the coming decades. For example, about 80% of Australia’s electricity currently comes from coal-fired power generation.
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