Key Points
- The government has revealed it will keep expanding and investing in the gas industry for decades to come.
- The plan defies global calls to phase out fossil fuels and has drawn condemnation from experts and advocates.
- The Australian Chamber of Commerce and Industry welcomed the announcement, while gas stocks rose.
While King indicated that the strategy would also support the Labor government’s commitment to transition to net zero emissions by 2050, she revealed gas extraction will likely continue beyond that date.
“Gas will remain an important source of energy through to 2050 and beyond,” she said, highlighting the need for continued exploration, investment and development in the sector.
‘Fast-tracking climate collapse’
“The Albanese government has a choice: cut climate pollution and seize the decade by scaling up clean energy, or support new gas projects. It can’t do both.”
“Labor have thrown any climate credibility out the window.”
A controversial strategy
“Achieving net zero emissions by 2050 will require nothing short of the complete transformation of the global energy system,” the IEA said.
Demonstrators gathered outside Prime Minister Anthony Albanese’s Sydney residence at Kirribilli House on Wednesday to protest against the Labor government’s policy on new coal and gas projects. Source: AAP / George Chan / SOPA Images / Sipa USA
More recently, IEA executive director Fatih Birol urged governments to “get behind clean energy transitions rather than hindering them.”
“Gas plays a crucial role in supporting our economy, with the sector employing 20,000 people across the country, including remote and regional communities,” King said.
“Digging and burning more gas will make this worse.”
The strategy’s ‘only winners’
“The warning bells have been sounding for long enough,” he said. “There could be severe shortages of gas as early as next year.”
Stocks in Strike Energy, a Western Australian company engaged in the exploration and development of oil and gas resources, rose 9 per cent on Thursday.