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COAL21 Fund

Brief description:

Australian Coal Association – an umbrella organisation of the country's black coal-producing companies – set up its pioneering A$1 billion COAL21 fund in 2006 in partnership with the electricity industries, unions, federal and state governments and the research community to support the development – and hasten the use – of low-emission coal technologies, including carbon capture and storage. The fund, originally set at A$300 million, will raise the $1bn over ten years through a voluntary levy on coal production.

More than a quarter of the fund has now been awarded to demonstration projects and a national research programme managed by Australian National Low Emissions Coal Research. It is also developing a National Action Plan to identify and test suitable CCS technologies, assess the country's spotential for sequestration and plan action needed to deploy CCS at commercial scale.