Federal Parliament has recently passed new legislation, supported by both sides, that allows for the import and export of carbon dioxide. This development opens up new economic opportunities for Australia through carbon capture utilisation and storage (CCUS). Operators who have limited options for storing their own industrial emissions can now turn to Australia for CCUS solutions.

During the legislative scrutiny, a parliamentary committee composed of government and opposition MPs acknowledged the importance of carbon capture technology for Australia and its regional climate mitigation efforts.

This legislation is designed to fulfill Australia's obligations stemming from the 2009 and 2013 amendments to the 1996 Protocol to the Convention on the Prevention of Marine Pollution by Dumping of Wastes and Other Matter 1972. It achieves this by amending the Environment Protection (Sea Dumping) Act 1981 in the following ways: enabling the granting of permits for the export of carbon dioxide streams from carbon dioxide capture processes, allowing for sequestration into sub-seabed geological formations; allowing for permits for the placement of wastes or other matter for scientific research in marine geoengineering activities; and making necessary consequential and technical amendments.

To read the bill as passed on the 13 November 2023, click here.