Partnering with industry, the Australian Government and key research institutions to accelerate local carbon offset industry development and integration of decarbonisation strategies.
What is carbon offset?
Offsetting carbon can be achieved through technology, processes and strategies to reduce emissions output or to compensate for emissions or energy consumption. It may be a legislative requirement or a voluntary activity. Companies offset carbon through a range of strategies to comply with allowed emissions or purchase offsets to compensate for emissions.
This important new industry is influenced by emerging emission compliance requirements to achieve net-zero emissions targets, and by growing consumer demand for products created from low emissions processes and supply chains.
Collaborative approaches to carbon offset industry development are vital for the Territory to become a global low-carbon energy supplier and in supporting exciting new sectors such as low emissions gas-based manufacturing.
The Northern Territory Government has partnered with CSIRO, industry and engineering companies to develop a business case assessing the viability of a large-scale Low Emission Carbon Capture Utilisation and Storage (CCUS) Hub is one of the many decarbonisation focused initiatives supporting the journey to a net zero emissions future.
Read the Carbon Capture and Storage Hub Study completed in November 2020 by the Global CCS Institute
In addition the Territory Government is:
- developing a Greenhouse Gas Emissions Offset policy in accordance with section 1.3.2 of the Climate Change Response: Towards 2050. The policy will be finalised in early 2022 following recent public consultation
- facilitating research into The Land Based Abatement Program carbon offset methodologies to assist land managers to identify potential carbon abatement opportunities and engage in the carbon market to improve productivity and generate new revenue streams while reducing emissions
- continuing the Emissions Reduction Strategy, due mid-2022, following the Large Greenhouse Gas Emitters policy which was completed and released in September 2021
- reviewing the current regulatory settings for carbon offsets.
Delivering gas-led growth will see the Territory provide cleaner, more affordable energy across the world, while creating long-term jobs and economic growth here at home for Territorians.