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Energy
10 May 2024
Future Gas Strategy
The government released its Future Gas Strategy on Thursday, confirming the important role of gas in the energy transition. Gas will remain an important source of energy through to 2050 and beyond. The strategy highlights the need for continued exploration, investment and development in the gas sector to support the path to net-zero for both Australia and our export partners, and to avoid a shortfall in gas supplies. It also recognises that gas will play a crucial role in supporting the government A Future Made in Australia strategy.
The Strategy is centred on six principles:
- A commitment to emissions reductions and achieving net zero by 2050.
- Gas must remain affordable for Australian users throughout the transition to net zero.
- New sources of gas supply are needed to meet demand during the transition.
- Reliable gas supply will support a shift to higher-value and non-substitutable gas uses.
- Gas and electricity markets must adapt to remain fit for purpose.
- Ensuring Australia remains a reliable trading partner for LNG and low emission gases.
There are a number of actions to guide the strategy:
- Prevent gas shortfalls by working with industry and state and territory governments to speed up development of known gas reserves.
- Reduce gas related emissions by minimising venting and flaring during production.
- Work closely with the states and territories to manage pricing impacts on households and the Gas Market Code.
- Empower First Nations peoples by clarifying consultation requirements for offshore gas.
- Promote offshore carbon capture and storage (CCS – geological storage of CO2) and regional cooperation on CCS.
The Future Gas Strategy report can be found here.
Generational Investment in Australia’s resources
The government, as part of its Future Made in Australia initiative, made a pre-Budget announcement concerning investment in mineral and energy exploration. The government will allocate $556.1 million over ten years starting from 2024-25 to develop data, maps and tools to support the resources industry.
Funding will be directed towards mapping offshore areas of Australia, the identification of potential sites for carbon capture and storage, as well as locations suitable for clean hydrogen projects.
Further, it will provide a deeper understanding of the resource potential of our regions by mapping groundwater systems, which support climate resilience, benefit the agricultural sector, and ensure water security for communities and the environment.
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