You should clarify what an acronym means before using it tens of times.
(Neutral to anti) https://www.abc.net.au/news/science/2021-11-06/carbon-captur...
(Weakly pro) https://www.iea.org/commentaries/carbon-capture-in-2021-off-...
(Strongly pro) https://www.globalccsinstitute.com/resources/publications-re...
Have a look at: https://www.kwm.com/au/en/insights/latest-thinking/ccs-in-au...
(Burrup is the one I mentioned)
Thats $250 million of committed funding to a range of high scale projects by the gas industry, coal-seam gas included.
A 250m subsidy to grid solar right now would easily increase total installed solar to 100GW+. So, I wouldn’t be surprised if that project alone was a larger subsidy than every subsidy given to grid solar in Australia.
Nobody is going to hand out a subsidy and say here buy panels with this. It’s all about the multiplier, even home subsidies don’t 1:1 pay for panels it’s at best deduct the cost from your taxes saving 30% or whatever on the cost and often less than that.
So, that’s where the ~2c/kWh shows up it’s roughly the minimum cash on hand someone needs to get the ball rolling for loans on a grid solar project assuming a proven track record. Now hand someone with that track record 250 million free and clear and not only can they get loans but they can also attract private investors.
Of course the risk is you hand out money to projects that would happen either way and get noting for the subsidy.
This money they've sunk: its not their money: they've been doing it off the public teat as "research" or, when it is their money, its booked to R&D and has massive royalty & tax offset benefits. Its a shellgame.
The inclusion of blue hydrogen+CCS in this piece is really regrettable: its being used to avoid having to wear the cost of going to green hydrogen, which is abandoning FF inputs. For holders of shares in coal and gas, this is not optimal so they oppose green and argue abatement by CCS is "the one"
It doesn't work. CCS is a giant con. The evidence is strong that at scale CCS is not working, and will waste years of time, billions of dollars of cost, and gigatonnes of CO2, to prove it.
Overall I like Gates trying to help. He's been badly advised when it comes to CCS.