aus to invest 100m in carbon capture storage

Interesting the article below was released on ABC radio and published at 3.03pm yesterday which was at the same time as the sp had it's run.

I can't really see how LNC's entry into ASX200 drove the rally considering everyone has known about that for weeks and if it was the reason then why did everyone wait till 3pm+ to jump on it? Wouldn't they have jumped on earlier in the day?

Massive extra trading after the bell surely a very positive sign! Especially the order of approx $7m at $5 - WOW. The DOW UP 3% overnight will no doubt put us in good stead for at least a stable trading day monday for LNC. The market will have a strong day again which is great news, how long it lasts is the question.

LNC is BIG on this subject below and any institution would know this as well as any investor who had any interest whatsover in clean coal and carbon capture:

Published 3:03PM, 19 Sep 2008

Australia funds carbon capture institute

Australia is to invest $100 million to kick off a new global carbon capture and storage institute.

The institute will promote research and investment in technology for removing carbon dioxide which would otherwise contribute to global warming.

Prime Minister Kevin Rudd, in a presentation to resource and energy industry leaders at Parliament House on Friday, said carbon capture and storage had the potential to capture nine billion tonnes of carbon by 2050.

That represented about 20 per cent of the total reduction needed to cap atmospheric levels at 450 parts per million.

Carbon capture and storage was not the total solution but was a large part of the solution, Mr Rudd said.

"We have got to crack the whip and make it happen".

The proposal will form the basis of Mr Rudd's presentation to the United Nations General Assembly in New York next week.

UK prime minister Gordon Brown had already offered support, Mr Rudd said.

The new institute would start out in Australia with the objective of helping meet the G8 commitment to have at least 20 industrial scale carbon capture and storage projects in operation by 2020.

Presently there are five pilot projects, including the Otway scheme in Victoria.

Carbon capture and storage involves gathering carbon dioxide which would otherwise be emitted by a coal-fired power station or factory, compressing it for transport by pipeline and then injecting it into subterranean rock several kilometres beneath the earth's surface.

Dr Peter Cook, chief executive of the Cooperative Research Council for greenhouse gas technologies, said the process wasn't pie in the sky.

"This is science that has a firm base ... that has been developing for a number of years," he said.

Mr Rudd said any effective solution to climate change must deal with clean coal.

"It must deal with carbon capture and storage.

"Unless we deal with coal we are not dealing with a core part of the challenge."

There was a great danger the G8 ambition would end up on the long list of politically pious statements which lacked any machinery to make them happen, Mr Rudd said.

"We the government want this global carbon and storage institute in Australia to be the global go-to place across the board for clean coal technologies and their application. That is the ambition.

"Rather than simply put an idea out there, we have decided that we need to have some skin in the game. So we will be providing up to $100 million a year to fund this global carbon capture and storage institute."

Mr Rudd said the location of the institute within Australia had not been decided.

He said not all players in the coal industry were pulling their weight in funding carbon capture and storage development.

"The truth is some are and some are not. I think what they would all recognise from our discussions last week is that they all need to do more," he told reporters.

"And they all said to us they are crying out for national and global leadership on this.

"That's what we're doing."