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| Josh Frydenberg announced plans to amend the CEFC Act. (ABC News: Nick Haggarty) |
The technology involves capturing carbon dioxide from a power plant and burying it underground in a bid to reduce emissions.
The move has been met with immediate opposition from the Greens and a number of environment groups.
The CEFC was established to fund renewable energy, energy efficiency and low emissions technologies, and is not currently allowed to fund such projects.
Mr Frydenberg said CCS is "proven technology" than can help reduce Australia's emissions.
"Carbon capture and storage can reduce emissions by up to 90 per cent," he said."It will ensure that the Clean Energy Finance Corporation is technology neutral."
How does CCS work?
Source: The Carbon Capture and Storage Association
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Mr Frydenberg said the rule change could potentially see the CEFC funding new coal-fired power stations.
"If you were to build a high-efficiency, low-emission coal-fired power station combined with CCS, that would absolutely be a project that could be funded," he said.
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| Mr Frydenberg said carbon capture and storage can help reduce Australia's emissions. (ABC News: William Rollo) |
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Govt may fund coal power  |
| Treasurer Scott Morrison says the Clean Energy Finance Corporation could be used to fund new clean coal power stations. |
"After the Government couldn't get rid of the CEFC through the Senate, they've now slowly and quietly devised a bunch of other ways to get rid of the CEFC and turn it into a body that can invest in and promote fossil fuel use," he said."And here's one of the way that they're trying to do that."
Greens MP Adam Bandt said the party planned to fight the move.
"The Liberals are taking money out of renewable energy, and giving it to coal," he said.
"Only the Liberals would think that coal counts as a clean energy source."Frydenberg optimistic on pushing changes through Senate
"I'm confident that the Labor Party, when they look themselves in the mirror, and say 'are we serious about reducing emissions', they will come to support our changes to the CEFC legislation to encourage CCS," he said.
"Because to not do that would be a betrayal of their former position on this issue."
Labor has previously indicated it is not the kind of legislation it would support.
Industry groups have welcomed the announcement, arguing the CEFC should be supporting all forms of emerging low-emission technologies, not just renewables.
Brad Page from the Global CCS Institute said it was a welcome development.
"One of the significant impediments to the adoption of CCS in Australia has been the difficulty in financing projects," he said.
"To put it onto a more level playing field with renewables is a sensible initiative."
Mr Page said it is important carbon capture and storage is not seen as solely coal technology.
"The potential to retrofit coal power stations is certainly there, but with increasing uptake of gas-fired power stations — we're going to need CCS on those, if we're going to meet our Paris and beyond climate change targets."
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