Chevron to fund low carbon projects in Western Australia
SUMMARY
The company will invest in new soil carbon capture pilot and blue carbon research projects.
By Shardul SharmaPOSTED IN:
Chevron Corporation's subsidiaries, Chevron Australia New Energies and Chevron Australia, have announced investments in two lower carbon projects in Western Australia (WA), the company announced on August 11.
For its first nature-based carbon offsets project in Australia, Chevron will provide funding to Carbon Sync, a WA-based organisation leading a pilot project on soil carbon sequestration across up to 80,000 hectares of WA's cropping and grazing region.
Additionally, Chevron has entered into a multi-year research project with Deakin University's Blue Carbon Lab to explore potential opportunities for CO2 sequestration in WA's coastal wetlands.
Chevron New Energies vice president of offsets and emerging Barbara Harrison said, “We believe that the future of energy is lower carbon. Australia is not only an essential part of Chevron’s established portfolio, but we also see tremendous potential to develop businesses that help achieve our lower carbon aspirations.”
Chevron Australia’s general manager, Energy Transition, David Fallon added, “The two projects we are part of in WA are examples of the multiple pathways on that lower carbon journey. Our collaboration with Carbon Sync is expected to provide critical insights related to soil carbon projects, in a region with large potential for scale to help meet the forecasted demand for Australian Carbon Credit Units (ACCUs),” Fallon said.
“With the Blue Carbon Lab contribution, we are excited to explore the opportunities for blue carbon in WA’s saltmarsh, mangrove and seagrass environments.”
Carbon Sync Founder and CEO Louise Edmonds said, “I am thrilled that a large multinational organisation has recognised the potential of Carbon Sync to change the carbon equation for WA’s agricultural industry, as well as create jobs and further investment for our state. Through these pilot projects, we aim to enhance the sustainability of WA’s agricultural sector and improve biodiversity outcomes.”
Peter Macreadie, director of Deakin University’s Blue Carbon Lab said, “there’s been great mystery into the size of WA’s blue carbon assets and the potential for new blue carbon opportunities through the conservation and restoration of coastal wetlands. This research project seeks to address this knowledge gap.”
