The voice of Australia’s oil and gas industry today said moves by some politicians to vote down regulations expanding the investment remit of ARENA (Australian Renewable Energy Agency) are shortsighted and will slow Australia’s march to reach net zero emissions targets.
APPEA Chief Executive Andrew McConville said the voting down of the expansion of ARENA to include a broader range of emissions reduction technologies is a missed opportunity and a blow for a cleaner energy future.
“All technology, including hydrogen and carbon capture and storage (CCS), should be on the table to help reduce emissions, so this is clearly a missed opportunity and pretty shortsighted,” Mr McConville said.
“Some politicians need to remember that just as government investment in renewables has fast tracked projects, this would have done the same and created thousands of jobs in the process.
“The global oil and gas industry is leading the world in the practical deployment of CCS and hydrogen. In Australia, the oil and gas industry has been at the leading edge of researching and deploying CCS and greenhouse gas storage technologies.
“Natural gas with CCS is a pathway to a large-scale clean hydrogen industry.”
“Australia’s LNG export success means the Australian upstream oil and gas industry has the technology, expertise, commercial and trade relationships to make, in particular, hydrogen exports a reality.
“Developing a local hydrogen industry could enable lower emissions both in Australia and internationally, reduce energy costs, deliver energy security, together with new employment and manufacturing opportunities.”
A range of case studies of the way in which the industry is taking practical action to support emissions reductions across the industry supply chain and leading research into innovative emissions reduction activities is highlighted in APPEA’s Industry Action on Emissions Reduction report.