Perth, Western Australia – Chevron Corporation, through its Chevron Australia New Energies Pty Ltd and Chevron Australia Pty Ltd subsidiaries, today announced investments in two lower carbon projects in Western Australia (WA).
In its first nature-based carbon offsets project in Australia, Chevron will provide funding to the WA-based Carbon Sync, which is leading a soil carbon sequestration pilot project involving up to 80,000 hectares of WA’s cropping and grazing region.
Chevron has also joined a multi-year research project with Deakin University’s Blue Carbon Lab to explore potential CO2 sequestration opportunities 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 agreed, “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.”
Professor 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.”