Gas project extension will need to meet net-zero | Australian Markets
Woodside will be required beneath the safeguard mechanism to guarantee a gasoline project extension meets net-zero emissions by 2050.
The power giant’s North West Shelf project, which hosts Australia’s largest gasoline export plant, was final week given approval by the Albanese authorities to keep working till 2070.
The safeguard mechanism is a coverage designed to restrict emissions at Australia’s largest industrial services in keeping with the nation’s climate targets of 43 per cent beneath 2005 ranges by 2030 and net-zero by 2050.
Asked if Woodside had to get the project down to net-zero emissions, Energy Minister Chris Bowen replied “yes”.
“This will be legally obliged and required under our safeguard mechanism to meet net-zero by 2050,” he advised ABC’s Insiders on Sunday.
“In effect, all the facilities covered, the more than 200 facilities covered by the safeguard mechanism are obliged to have a pathway to net-zero.”
Asked if approving gasoline tasks would make it more durable for Australia to win a world climate summit it’s bidding to co-host with Pacific Island nations subsequent 12 months, Mr Bowen stated these selections would at all times be controversial.
“I don’t deny that, but we’ll always set Australia’s domestic policy in Australia’s domestic best interest,” he stated.
“There’s a great opportunity for our country, (it) restores Australia’s leadership in climate against the bad years of the decade of denial and delay, (and) shows we’re back in a very meaningful way”.
Turkey can also be bidding for the climate talks, with the power minister hopeful the difficulty is resolved quickly.
Mr Bowen stated Australia stays on monitor to scale back emissions by 43 per cent by 2030, regardless of a small increase in emissions final 12 months.
He additionally ruled out a retrospective home gasoline reservation coverage to present fields.
During the federal election marketing campaign, the coalition promised to redirect gasoline to home customers.
Stay up to date with the latest news within the Australian markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on native trade. We present day by day updates to guarantee you’ve entry to the freshest info on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Explore how these trends are shaping the longer term of Australia’s financial system! Visit us often for essentially the most participating and informative market content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory modifications, and pivotal moments within the Australian financial panorama.
