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In October 2023, the Commonwealth Department of Industry, Science and Resources (DISR) published a consultation paper on the development of a "Future Gas Strategy" for Australia, inviting submissions from the public and key stakeholders.1
The Future Gas Strategy will set out the Australian Government's plans to promote resilience to future events and circumstances and provide medium (to 2035) and long-term (to 2050) objectives for gas production and consumption in Australia.
The challenge ahead: "Australia must manage its evolving roles as a trusted gas exporter and a responsible climate actor with transparency, integrity and a strong evidence base."2
The consultation paper recognises the growing role of gas in the energy transition, including as a partner to renewables in electricity generation and as feedstock for Australia's onshore industry and manufacturing. This is supported by research by the Australian Energy Market Operator (AEMO), which has found that gas is necessary to support the Australian Government's plans for 82% of electricity generated in Australia to come from renewable sources by 2030.3 The Future Gas Strategy will also seek to be flexible to promote resilience to future events and circumstances.
Given that gas production and use currently accounts for approximately 21% of Australia’s greenhouse gas emissions and Australian gas is a part of many supply chains as an energy source and as a feedstock for manufacturing with trade and investment partners globally and locally, the key objectives for the Future Gas Strategy revolve around:
The consultation paper identifies a number of key areas as important for consultation including the following:
The Future Gas Strategy is intended to outline a plan to address these types of issues and challenges for the benefit of the Australian community.
DISR has invited gas producers, distributors, LNG import terminal project proponents, international and domestic consumers, and investors to provide feedback and to help work out a plan for future gas production and use, as some countries reduce their reliance on gas and scale up renewables, while others turn to gas to cut the usage of fossil fuels.
Submissions on the 45 consultation questions are invited until 13 November 2023, with the Future Gas Strategy slated for release in mid-2024. The consultation questions are segmented under different stakeholder groups. However, stakeholders are not limited to particular segments and may respond to any questions they find relevant.
We will monitor the development of the Future Gas Strategy and any other legal and policy developments in this space.
1 DISR, Future Gas Strategy: consultation paper (October 2023). 2 DISR, Future Gas Strategy: consultation paper (October 2023), page 1. 3 AEMO, 2023 Gas Statement of Opportunities: For central and eastern Australia (March 2023).
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