Korea and Australia Advancing Cross-Border CO2 Transport, Facilitating CCS

February 12, 2024

South Korea and Australia have committed to advancing the procedures for cross-border carbon dioxide transport, facilitating the progress of their bilateral carbon capture and storage (#CCS) project.

In a meeting between Korean Industry Minister Ahn Duk-geun and Australian Resources Minister Madeleine King in Seoul, the two nations pledged to expedite the CCS project, focusing on storing Korean carbon dioxide in depleted gas fields in Australia. They have agreed to expand their collaboration to encompass the refining and processing phases in addition to resource exploration and development.

Minister Ahn further conveyed South Korea's concerns regarding Australia's Domestic Gas Security Mechanism, urging clear guidelines for the Safeguard Mechanism regulating greenhouse gas emissions from specific facilities.