Korea, Australia agree to promptly prepare cross-border CO2 transport
Industry Minister Ahn Duk-geun speaks during a meeting held in Seoul, Feb. 2. Yonhap
Korea and Australia agreed to promptly proceed with relevant procedures for cross-border carbon dioxide transport, to pave the way for the bilateral carbon capture and storage (CCS) project, officials said Friday.
The agreement was reached as Industry Minister Ahn Duk-geun met Australian Resources Minister Madeleine King in Seoul earlier in the day, according to the Ministry of Trade, Industry and Energy.
During the meeting, the two countries vowed to expedite procedures for the bilateral carbon capture and storage project, which centers on storing carbon dioxide created in Korea in depleted gas fields.
The two ministers agreed to expand bilateral cooperation not only in the exploration and development of resources but also in the refining and processing stages as well.
Ahn, meanwhile, delivered Korea's concerns over the Australian Domestic Gas Security Mechanism, which centers on limiting its exports of natural gas when the supply fails to meet the demand of the Oceanian nation.
The industry minister also asked the Australian government to set clear guidelines on Australia's Safeguard Mechanism that regulates the emission of greenhouse gases from certain facilities. (Yonhap)