Climate change policy and emissions reduction

Australia’s oil and gas industry supports a national climate change policy that delivers greenhouse gas emissions reductions, consistent with the objectives of the Paris Agreement at the lowest cost to the economy. The policy approach should achieve emissions reductions consistent with net zero emissions across the Australian economy by 2050 as part of a contribution to a goal of global net zero emissions by 2050.

Australia’s goal should be an approach to climate policy that is national, consistent with the objectives of the Paris Agreement and which supports the environmental objectives and industries that provide jobs and economic growth.

APPEA’s Australia’s Cleaner Energy Future, which incorporates the industry’s Climate Change Policy Principles, highlights the sector’s commitment to meeting emissions reduction targets consistent with the objectives of the Paris Agreement, while maintaining affordable, secure energy supplies to consumers and industries that provide jobs and economic growth.

The four principles underpinning the oil and gas sector’s climate change policy are designed to assist policymakers in developing efficient and effective responses to climate change. They are:

  1. Net zero emissions by 2050 should be the goal of national and international policy.
  2. Climate policies should be efficient, enduring and integrated with economic, social, technology and energy policies.
  3. Australia’s international competitiveness should be enhanced. Government should pursue climate policies that maximise growth in jobs and investment and maintain the competitiveness of Australian trade-exposed industries, such as LNG.
  4. Universal access to affordable, reliable, sustainable and modern energy must be achieved consistent with the UN’s Sustainable Development Goal 7.

These principles lay the foundation to achieve emission reductions consistent with net zero emissions across the Australian economy by 2050. Australia’s policy response should set clear, long-term targets for emissions reduction consistent with this aim while also providing predictability to industry to support future planning, investment and employment growth.

The Australian oil and gas industry continues to monitor, report, and reduce its own emissions profile and participates in a range of global initiatives to reduce emissions, including the Oil and Gas Climate Initiative, the World Bank Zero Routine Flaring initiative, the Climate & Clean Air Coalition Oil & Gas Methane Partnership and Methane Guiding Principles.

APPEA’s Climate Change Policy Principles serve as a companion to the Industry Action on Emissions Reduction report, which provides an overview of several activities and initiatives undertaken by the oil and gas industry to reduce greenhouse gas emissions.

Read Australia’s Cleaner Energy Future here

Read a summary of APPEA’s Climate Change Policy Principles here