The owner of some of Australia’s most significant gas and electricity infrastructure assets, Jemena, has today welcomed a new climate strategy from the Business Council of Australia (BCA).
Jemena’s Managing Director, Frank Tudor, says the strategy – titled Achieving a Net Zero Economy – outlines a sensible pathway towards a net-zero future which will create jobs and strengthen the Australian economy.
“This strategy reiterates many of the calls industry has been making which we believe will give investors the certainty and confidence they need to invest in Australia’s energy markets over the long term,” said Mr Tudor.
“By taking a considered approach towards the energy transition, the strategy effectively balances energy reliability and affordability with the need to decarbonise our energy system. The strategy also recognises the central role gas will continue to play throughout the energy transition and into the future as renewable gases are developed and commercialised.”
Mr Tudor welcomed the BCA’s recommendation that a Renewable Gas Target (RGT) be implemented saying it is a key step towards establishing a viable renewable gas industry.
“We are seeing more and more economies across the globe reach agreement on the need to achieve net-zero emissions by 2050, and the decarbonisation conversation is now considering how we can expedite that timeframe.”
“We know that a Renewable Gas Target of just 10% would remove around 464,000 tonnes of carbon from the atmosphere each year, the equivalent of taking 200,000 cars off the road, and that this can be achieved by 2030. In New South Wales achieving such a target would cost just $5 to $15 per household each year.
“By 2050 we know that if we repurpose our existing gas infrastructure to decarbonise our economy that energy consumers will save between $12 – $14 billion per annum by avoiding the need to build and maintain huge amounts of additional electricity infrastructure.
“A renewable gas target is also the only way we can quickly and meaningfully decarbonise hard-to-abate industries, such as manufacturing, which rely on gas as a crucial feed-stock.”
Mr Tudor said Australia is poised to become a global renewable gas powerhouse, with countries throughout Asia and Europe already indicating interest in sourcing renewable gas such as hydrogen from Australia.
“Australia is blessed with natural resources which make it a frontrunner in the race towards establishing a viable renewable gas export industry, and it is easy to imagine how we can replicate the success of our LNG exports to deliver renewable gas to the rest of the world.”
“This will not only create jobs, many of which will be in regional parts of our country, but will also assist with global decarbonisation efforts in parts of Asia, such as Japan, which are rapidly decarbonising and import large amounts of their energy.”
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