S. Korea, Australia to launch joint carbon capture project this year

Diplomacy 13:42 March 24, 2022

SEOUL, March 24 (Yonhap) -- South Korea and Australia will push to launch a joint project on carbon capture and storage worth 5.8 billion won (US$4.76 million) this year as part of efforts to boost bilateral cooperation in new energy fields, Seoul's industry ministry said Thursday.

The envisioned joint research and development project on Carbon Capture Storage (CCS) technologies was a key agenda item during a meeting between South Korea's Vice Industry Minister Park Ki-young and Australian Ambassador to South Korea Catherine Raper held in Seoul earlier in the day, according to the Ministry of Trade, Industry and Energy.

CCS refers to a method of capturing carbon dioxide emissions from industrial facilities and storing them permanently underground, a key technology to achieve the carbon neutrality goal. Both South Korea and Australia vowed to go carbon neutral by 2050.

The two countries have been working to launch the three-year project on carbon usage this year, and they have sought to wrap up consultations on related procedures and the budget by June, the ministry said.

One of the promising subjects is running a hydrogen fuel cell bus in Australia, it added.

During the talks, the two sides also discussed ways of deepening ties in supply chains of key industry items and natural resources.

Park voiced concerns over the global energy market and possible supply disruptions over Russia's invasion of Ukraine, and asked for strengthened cooperation with Australia.

"Ambassador Raper said her country, as a long-time partner nation for South Korea, will make utmost efforts to help ensure stable supply chains for Seoul," the ministry said in a release.

The envoy also asked for Seoul's cooperation to make positive outcomes in various industries as an Australian delegation is considering visiting South Korea this year, according to the ministry.