Labor backs LNG industry with Future Gas Strategy
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The news: The Albanese government will adopt a new framework to support the country’s natural gas industry under the ‘Future Gas Strategy’, according to media reports.
The numbers: Resources Minister Madeleine King said in a statement the strategy would lock in the use of gas "through to 2050 and beyond".
King also noted that "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".
The context: The strategy will include measures to facilitate an increase in gas extraction, including new "use it or lose" provisions to encourage energy companies to develop gas assets or risk losing title holdings.
It will also include measures to help abate emissions from gas production, including promoting the use of carbon capture and storage.
What they said: "Gas will play an important role in firming renewable power generation and is needed in hard-to-abate sectors like manufacturing and minerals processing until such time as alternatives are viable and can be deployed," King said.
Note: This briefing has been updated to include the latest information on Labor's gas strategy.
The source: Ministerial media release
