The International Energy Agency (IEA) has called on Australia to deliver national strategies for gas and carbon capture technology to achieve net zero.
The Australian Petroleum Production & Exploration Association (APPEA) said the IEA’s Australia 2023 Energy Policy Review recognised the role gas supply plays in energy security.
APPEA chief executive officer Samantha McCulloch said Australia’s gas industry supported the call for gas and carbon capture national plans, as means to reach net zero.
“The IEA makes it clear that Australia’s gas production must meet domestic and export needs, with the global LNG market increasingly calling on Australia to help ease the supply pressures during the global energy crisis,” McCulloch said.
“The IEA are clear that the temporary price cap should not become permanent because investment may be put at risk – effectively rejecting the notion of ongoing price controls proposed in the Mandatory Code of Conduct.
“The market should set the price. Interventions in markets only undermine investment confidence and lead to less new supply, putting upward pressure on prices.”
The report highlights that robust policies are needed to improve the availability of natural gas supply in Australia.
“The report also recognises Australia’s suitability for large-scale deployment of carbon capture to enable domestic abatement and regional emissions reductions, as well supporting export opportunities for low-carbon hydrogen,” McCulloch said.
“The global carbon capture race has started and Australia can’t miss this opportunity when other countries are already making major moves to progress the technology.”
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