In a move that could have profound implications for New South Wales’ (NSW) ambitious net-zero targets, the Federal Government recently unveiled plans to extend gas extraction well beyond 2050. This decision has drawn sharp criticism from Greens NSW MP and coal and gas spokesperson, Cate Faehrmann, who warns that it could pave the way for controversial projects like Santos’ Narrabri Gas Project.
The government’s rationale hinges on projected gas shortages in NSW by 2028, echoing calls from NSW Premier Chris Minns for increased domestic gas supplies. However, according to the Climate Council’s 2021 report titled “Net Zero: How NSW can kick the gas habit” (pdf) there are viable alternatives. The report emphasizes that through practical measures such as enhancing energy efficiency and promoting electrification, NSW could entirely eliminate its reliance on gas by 2050, rendering projects like the Narrabri Gas Project unnecessary.
Gas Strategy Challenges NSW Net Zero Goals: A Green Perspective
Faehrmann is critical of the government’s stance, asserting that it contradicts both international and domestic expert advice on achieving net zero emissions. She argues that investing in new fossil fuel gas projects undermines efforts to combat climate change and suggests redirecting resources toward energy efficiency and electrification. The Government’s Future Gas Strategy is here.
Highlighting the disparity between government actions and global climate goals, Faehrmann points to the International Energy Agency’s 2050 net zero plan, which prohibits new oil, natural gas, or coal projects beyond those approved in 2021. Despite this, the government’s plan for new fossil fuel projects until 2050 raises concerns about its commitment to combating climate change.
The timing of the government’s announcement coincides with a significant shift in the financial sector, with institutions like ANZ tightening policies against funding new oil and gas projects. This change in stance means Santos may struggle to secure financing for its Narrabri project from major Australian banks, reflecting growing concerns about the environmental and financial risks associated with fossil fuel investments.
Faehrmann concludes by emphasizing the urgency of addressing climate change, particularly in light of dire warnings from IPCC scientists. She argues that approving further coal and gas projects jeopardizes the well-being of future generations and calls for a decisive shift towards sustainable energy alternatives.
In summary, the government’s gas strategy represents a significant challenge to NSW’s net-zero goals, prompting calls for a reevaluation of priorities and a greater focus on renewable energy solutions.
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