The Australian Petroleum Production and Exploration Association (APPEA) has welcomed Prime Minister Scott Morrison’s announcement this week of a proposed $1.9 billion investment package in future technologies to lower emissions.
APPEA Chief Executive Andrew McConville said the path to a cleaner energy future where Australia reduces its emissions to meet the objectives of the Paris Agreement must include investing in energy technology.
“The Australian oil and gas sector is a high-technology industry, and natural gas will play a positive role in facilitating the transition to a lower-carbon economy,” Mr McConville said.
“Technologies like carbon capture and storage, hydrogen and the increasing role renewables continue to play are all significantly underpinned by natural gas in our energy mix.
“At a time when the economy is under pressure from the challenges of COVID-19, investing in cleaner energy technologies makes sense, from an emissions perspective and to strengthen the economy.”
APPEA applauded the proposed $50 million investment in the Carbon Capture Use and Storage Development Fund and establishing a hydrogen export hub worth $70 million to scale-up demand and take advantage of the advancements in this low emissions, high powered energy source.
“Australia’s innovative oil and gas industry will continue to help lower Australia’s emissions and those of our trading partners,” Mr McConville said.
“Reducing global emissions is a global effort, and as an energy exporter, Australia is doing its part through many channels.”
“Our LNG exports can substitute gas for more emissions-intensive fuels and the Australian Government has estimated the potential to reduce greenhouse gas emissions by 169 million tonnes for our trading partners.”
APPEA states that its members are committed to emissions reduction, and this is highlighted by a recent report, Industry Action on Emissions Reduction, which outlines case studies and initiatives being undertaken by the industry to reduce greenhouse gas emissions.