Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Investing

Groundwater Issues Derail Glencore’s Queensland Carbon Capture Project

by May 28, 2024
May 28, 2024
Groundwater Issues Derail Glencore’s Queensland Carbon Capture Project

The Australian government has rejected Glencore’s (LSE:GLEN,OTC Pink:GLCNF) proposal to develop a carbon capture and storage (CCS) project in Queensland due to potential risks to groundwater resources.

The decision halts the global commodities miner’s plan to inject CO2 into underground aquifers to reduce emissions from a coal-fired power plant. The CO2 would have been stored 2.3 kilometers underground in the Surat Basin.

Glencore’s pilot project, managed by its subsidiary, Carbon Transport and Storage Company, aimed to capture 330,000 metric tons of liquefied CO2 annually from the Millmerran power plant in Southern Queensland.

The initiative was part of Glencore’s strategy to develop large-scale CCS capabilities, with the goal of capturing up to 90 percent of the plant’s emissions. Japanese companies Marubeni (TSE:8002) and Electric Power Development (TSE:9513), which operates under the brand name J-POWER, each committed AU$10 million to the project in 2022.

The Queensland Department of Environment and Science announced on May 24 that the project would not proceed due to concerns about its impact on groundwater. The proposed site is not a contained aquifer, and the CO2 “could migrate, likely causing irreversible or long-term change to groundwater quality and environmental values.’

Potential contaminants identified included chloride, sulfate, lead and arsenic, which could harm the Great Artesian Basin, a key water source for agriculture and communities in Eastern Australia.

The rejection comes as CCS is gaining traction as a technology for achieving global net-zero emissions goals. According to the Global CCS Institute, Australia has one active CCS project, with two more under construction and 14 in development.

Glencore expressed disappointment with the decision, attributing it to a ‘misinformation campaign and political opportunism.’ It also argued that its plan is scientifically sound and targets an area with low-quality groundwater.

‘The Queensland government has now effectively banned carbon capture and storage projects in Queensland. It’s now up to the Queensland government to explain how it’s going to meet its emissions reductions targets,’ Glencore said.

‘It’s a missed opportunity for Queensland and sends mixed messages on emissions reduction to industry who are looking to invest in low emission technologies, including CCS,” ABC News also quotes the company as saying.

Farmers and environmental groups praised the news, highlighting the risks to one of Australia’s key water resources.

‘We applaud the government’s decision but call for further federal scrutiny to ensure the protection of the Great Artesian Basin,’ said a spokesperson for AgForce, a Queensland farm group.

Glencore is currently reviewing its options, including a potential appeal.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
Silver Stocks: 3 Biggest US Producers in 2024
next post
Jindalee on Path to Emerge as Major US Lithium Producer – Analyst

Related Posts

Cizzle Brands Expands Availability of CWENCH Hydration at...

April 17, 2025

Quimbaya Gold

July 6, 2023

South Star Battery Metals Announces Closing of Tranche...

March 8, 2024

Bitcoin Halving: Expert Analysis and Price Predictions

April 4, 2024

Denarius Metals Announces Binding Letter of Intent with...

May 7, 2025

Chevron, ExxonMobil and BP Flagged as Major Global...

April 6, 2024

Oil Price and Inflation: What’s the Correlation? (Updated...

August 23, 2023

Justin Huhn: Uranium Price, Supply and Stocks in...

February 20, 2024

Honda to Establish C$15 Billion Electric Vehicle Value...

May 1, 2024

FY24 Appendix 4E

February 28, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Larry Williams on the Fed, Interest Rates & Markets! What’s Next?

    • Top Sectors to Watch + The 18 SMA Setup Every Trader Should Know

    • Platinum Price Breaks Out as Chinese Demand and Global Shortfalls Ignite Rally

    • Freegold Provides Update on 2025 Drill Program

    • Coelacanth Announces Q1 2025 Financial and Operating Results

    • Silver Stocks and the Land Grab for Silver Assets

    Categories

    • Business (1,218)
    • Investing (2,493)
    • Politics (3,699)
    • Stocks (1,608)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved