Australia May Become Leading Energy Exporter
Australia may become major Asia-Pacific energy provider and supply the energy needed for growing local economies, according to the International Energy Agency (IEA). The document states that the country, together with the United States, will be among the leading countries exporting liquid gas.
The country is a major coal exporter, but it is also making efforts to meet its long-term climate targets. These include, for example, projects for the capture and storage of carbon dioxide.
In their IEA report, Australia may be a leading exporter of energy resources not only in the region but also globally thanks to its coal, uranium and liquefied gas reserves. However, for this purpose, the country has to take care of the sustainable development of natural gas reserves.
The experts recommend continuing efforts to increase transparency in gas price formation, and the government to accelerate market integration and improve transport capacity.
More than 50% of Australia’s coal fleet will be over 40 years old by 2030, and the Australian electricity grid – along with these ageing fossil fuelled power stations – are increasingly vulnerable to worsening extreme weather events. If we are to reach zero carbon pollution well before 2050 in order to effectively tackle climate change, we need to increase our reliance on renewable energy.