The Australian government will ramp up gas projects to meet surging demand and support a transition to net zero by 2050.
It also revealed that extractions will likely continue beyond that date.
In announcing Australia’s Future Gas Strategy, Minister for Resources and Northern Australia Madeleine King said "gas will remain an important source of energy through to 2050 and beyond", highlighting the need for continued exploration, investment and development in the sector to "support the path to net zero" and "avoid a shortfall in gas supplies".
"Ensuring Australia continues to have adequate access to reasonably priced gas will be key to delivering an 82 per cent renewable energy grid by 2030, and to achieve our commitment to net zero emissions by 2050," King said.
'Based on facts, not ideology'
The announcement comes despite global calls to phase out fossil fuels amid a warming climate, with the International Energy Agency (IEA) urging for "huge declines in the use of coal, oil and gas" to reach global climate targets.
"Achieving net zero emissions by 2050 will require nothing short of the complete transformation of the global energy system," the IEA said.
King, however, insisted Australia’s strategy is "based on facts and data, not ideology or wishful thinking".
"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. The government further warned that unless Australia boosts its gas supply, parts of the country could experience shortages within four years.
Gas supplies 27 per cent of Australia’s energy needs and 14 per cent of its export income, with 90 per cent of national supply exported overseas.
A day before the government’s announcement, the European Union's Copernicus Climate Change Service released data showing that the global average temperature for the last 12 months — May 2023 to April 2024 — had once again reached new heights, putting 2024 on track to surpass 2023 as the hottest year on record.
