Queensland outlaws carbon storage in Australia's biggest aquifer
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 31 2024
0mins
Source: reuters
- Australia's Queensland State Ban on Carbon Capture and Storage:
- Queensland state will ban carbon capture and storage in a giant aquifer due to concerns about potential water contamination.
- The decision aims to protect the Great Artesian Basin, a vital network of aquifers supporting agriculture and communities in eastern Australia.
- The state government plans to reduce greenhouse gas emissions by 75% from 2005 levels by 2035 and achieve net zero by 2050.
- Greenhouse gas storage activities in the basin, including carbon capture and storage, will be permanently prohibited.
- Other regions hosting the basin are not affected, with some companies like Santos proceeding with carbon capture projects in South Australia.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
