Last month the Australian Government made its ambitions to support carbon capture as a means of viably reducing emissions clear, as it announced a commitment of $50 million in funding for carbon capture, use and storage projects.
The investment in carbon sequestering technology marks a significant contribution toward the net zero emissions 2050 target, one which the International Energy Agency’s Net Zero by 2050 Clean Energy Roadmap argues is critical to the target’s achievement.
At Vellum, we see huge opportunities in the application of carbon capturing techniques and materials in Australian building practice as a means of reducing emissions at a commercial scale.
Our research has shown that one of the most innovative ways that we can bring carbon capture to commercial practice is through the use of bamboo in construction.
Project Drawdown, the world’s leading resource for climate solutions, placed bamboo plantation in the number 21 spot out of 76 solutions to reverse global warming. In fact, they estimate that if planted determinedly, bamboo could sequester as much as 21.3 gigatons of carbon dioxide over the next 30 years.
Beyond these potentials, bamboo is currently one of the most sustainable materials on earth; as it grows at a rapid rate, can be harvested without killing the plant and requires no fertilisers or pesticides. It is also capable of benefiting the soil from which it is grown, improving land productivity and quality. Bamboo is also estimated to provide 35% more oxygen and absorb 40% more carbon dioxide than trees.
For these reasons, we at Vellum are very interested in the potentials for clean, sustainable resources such as bamboo within the Australian property market that adhere to our strict ESG standards and our commitments to the local and global environment.
The potential for sustainable building materials to assist countries capture carbon and meet reduction targets is already being recognised overseas, with the bamboo market currently worth $27 billion, predicted to reach as high as 98.30 billion by 2025.
As the Australian Government looks for opportunities and technology to embrace carbon capture in the Australian market, we see no better opportunity nor time to consider green solutions such as bamboo production and construction.