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==The announcement==
In a presentation to a meeting of industry representatives in Canberra, Rudd and Ferguson announced that they would commit $A100 million per annum to the costs of a global institute to develop [[Carbon Capture and Storage]] projects. The media statement announced that the institute, which Australia was offering to host, would "aim to accelerate carbon projects through facilitating demonstration projects and identifying and supporting necessary research - including regulatory settings and regulatory frameworks." Rudd and Ferguson announced that the proposed institute would be the subject of discussions with other governments and industry with a view to facilitating the "commercial deployment" of CCS "across the world by the end of the next decade."<ref name="CCS Institute">[http://pandora.nla.gov.au/pan/79983/20081112-0133/www.pm.gov.au/media/Release/2008/media_release_0484.cfm html "Global Carbon Capture and Storage Initiative"], Joint Media Release with the Minister for Resources, Energy and Tourism, Martin Ferguson, September 19, 2008.</ref>
They also stated that a bill before the parliament would establish a regulatory framework for CO2 storage under the seabed in Commonwealth waters" and that, once passed, would allow the government "to offer the first carbon storage blocks for commercial development in early 2009."<ref name="CCS Institute"/>
