GE Energy says it could build a coal-fired power station in Australia by 2015 that would be the first in the nation to bury its greenhouse gas emissions.
The global energy giant is garnering support from governments and industry this week to build a commercial-scale Integrated Gasification Combined Cycle (IGCC) power plant that costs about $3 billion.
If approved soon, the plant could be ready to operate in another seven years, GE Energy said.
The plant, which would generate about 700 megawatts, would turn coal into a fuel called syngas that would generate electricity.
The resulting carbon dioxide would be buried and stored underground, resulting in no emissions to the atmosphere.
GE global director of IGCC Keith White said coal was used to produce more than 80 per cent of power in Australia with coal exports generating $50 billion in revenue.
"We are technology agnostic because no single energy source is going to provide a solution [to curb industry emissions]," White said.
"Everybody is looking for answers; if you are looking for a carbon solution, IGCC is the only technology that can be built today."
GE Energy said an IGCC system would emit half the pollution of a more traditional pulverized coal plant and 30 per cent less water for each unit of output.
White said GE Energy had spoken to federal and state governments and had the backing of industry.
"There are always hurdles in getting support from governments, but if there is a will there is a way," he said.
"We find that in Australia the general public and governments were more supportive on climate change policy than the US."
If a deal was approved to build the power plant, three years would be spent on engineering and four years on construction.
The plant would be built only in NSW or Queensland because of these states' rich black coal resources.
GE Energy has 63 gasification plants worldwide of which 33 capture carbon dioxide.
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