Australia backs long-term gas drilling despite 2050 climate goals

9/5/2024 11:40

        Australia's Labor government on Thursday laid out a strategy to boost natural gas development even as it remains committed to net zero carbon emissions by 2050, highlighting demand from key Asian trade partners.
        
        Australia is one of the world's largest exporters of liquefied natural gas (LNG), and Resources Minister Madeline King said gas would be needed "through to 2050 and beyond" in the global shift to cleaner energy.
        
        She said, "It is clear we will need continued exploration, investment and development in the sector to support the path to net zero for Australia and for our export partners, and to avoid a shortfall in gas supplies," launching the government's Future Gas Strategy.
        
        Australia supplied around a fifth of global LNG shipped last year, with the largest projects run by Chevron and Woodside Energy Group in Western Australia, with its biggest customers in China, Japan and South Korea.
        
        The centre-left government came up with the new strategy after facing criticism for a range of short term measures it took to boost domestic gas supply and drive down soaring energy prices in 2022 in the wake of Russia's war on Ukraine.