The latest Intergovernmental Panel on Climate Change (IPCC) report confirms an ongoing role for natural gas and decarbonisation technologies used by the industry as some of the most significant opportunities to reduce emissions.
The Australian Petroleum Production & Exploration Association (APPEA) today said the IPCC's Climate Change 2022: Mitigation of climate change report illustrated a range of pathways that see natural gas continue to play a strong role in the global energy mix for the foreseeable future.
APPEA Chief Executive Andrew McConville said the industry was already committed to reducing greenhouse gas emissions to net zero by 2050 and members were already acting to achieve this goal.
Mr McConville said the IPCC had acknowledged the global role of coal to gas switching in reducing emissions from 2010 to 2019 while highlighting potential emissions reductions in future through fuel switching, energy efficiency, CCS and hydrogen - all of which are areas the industry is already deeply involved.
"The report confirms the important role natural gas and its decarbonisation tools play to reduce emissions," he said.
"The flexibility of gas in stabilising renewables, replacing coal and as a feedstock for hydrogen gives it a very strong future.
"And the IPCC confirms that the technologies we specialise in, proven and viable methods like CCS and hydrogen production, are needed to decarbonise because they allow for significant emissions reductions and reduced stranded asset risk.
"This is why our industry is already acting. We understand the global challenge and how we can help solve it. Our members have already spent over $5 billion on measures like CCS and hydrogen production to decarbonise and reduce methane emissions."
Mr McConville said gas had again been shown to be a central part of the solution to the decarbonisation challenge while providing energy security and reliability which are crucial to helping also achieve economic security.
"Gas will continue to be a part of the future cleaner energy mix as a cleaner alternative that complements so many of the pathways to net zero by 2050," he said.
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