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Australia's new Future Gas Strategy is flawed for several reasons:
It locks in fossil fuel expansion until 2050 and beyond, ignoring the urgent need to rapidly transition to renewable energy to meet climate targets. Relying on unproven carbon capture and storage technology to justify gas expansion is scientifically reckless[1][2][3].
The strategy suggests domestic consumers will purchase Australian gas on the international market and store it in expensive new import facilities, which is unnecessary and absurd. Implementing mandatory requirements for producers to retain more gas for the domestic market would be a better solution[2][5].
Expanding gas production is unlikely to address potential supply shortages this decade, as most Australian gas is exported, with over 80% of production going overseas in 2023. Shortages and price spikes are more likely due to the export-focused nature of the industry[4][5].
In summary, the Future Gas Strategy undermines Australia's climate commitments, proposes unnecessary and expensive measures, lacks credible detail, and is unlikely to improve domestic gas supply. It represents a major policy backflip that damages Australia's credibility on climate action[3][4].
Citations:
[1] https://www.linkedin.com/posts/james-bowen-168847258_australias-new-gas-strategy-makes-for-flawed-activity-7196690317121650688-VVPs
[2] https://www.linkedin.com/posts/rob-law-103bb81a_australias-new-gas-strategy-makes-for-flawed-activity-7196735979976609793-f7Z8
[3] https://www.lowyinstitute.org/the-interpreter/australia-s-new-gas-strategy-makes-flawed-foreign-policy
[4] https://www.reuters.com/business/energy/australia-gas-producers-endorse-govt-strategy-warn-shortages-this-decade-2024-05-20/
[5] https://www.crikey.com.au/2024/05/21/labor-future-gas-strategy-energy-chris-bowen-anthony-albanese/
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