The Australian Government’s Future Gas Strategy consultation paper has highlighted the urgent need for investment in new gas supply to avoid future shortfalls and underpin the net zero transformation in Australia and the region.
It is an important process in planning future gas supply to ensure energy security and affordability for households and businesses, while also recognising the growing role of gas as a partner to renewables in electricity, and as a feedstock to Australian manufacturing and industry. It has also reinforced the need for carbon capture, utilisation and storage (CCUS) technology, as well as highlighted the importance of gas exports to Australia and the region.
Gas is the safety net for our energy system and the key to providing reliable and affordable energy to households and businesses as we transform for net zero.
The government asked for feedback during the consultation process, releasing a discussion paper in which Australia Energy Producers and many members will make comprehensive submissions. The strategy is expected to be released in mid-2024.
Under the title of ‘Planning for gas to 2050’, the Department of Industry, Science and Resource consultation page states that the Future Gas Strategy will outline the government’s approach to managing gas through the energy transformation.
The strategy’s key objectives are to:
- Support decarbonisation of the Australian economy
- Promote Australia’s energy security and affordability
- Enhance Australia’s reputation as an attractive trade and investment destination
- Help our trade partners on their own paths to net zero.
To develop the strategy, the government says it will investigate the supply-demand balance of gas to 2050 to meet net zero commitments. This means where, when and how much Australian gas is needed.
