PERTH (miningweekly.com) - The Australian Petroleum Production and Exploration Association (Appea) this week said that the oil and gas industry was well placed to rise to the challenges of a net zero carbon future, in the wake of a report by the International Energy Agency (IEA).

The IEA this week stated that to reach the net zero carbon emission target by 2050, new fossil fuel supply projects would need to be halted and any new unabated coal-fired power plants would need to be abandoned.

The report called on policymakers to scale up renewable energy options and to enable infrastructure and technologies key to transforming the energy system, such as transmission and distribution grid expansions and electric vehicle (EV) charging points.

The report also called for a massive roll-out of efficient energy technologies to support a world economy in 2030 that is some 40% larger than today but which uses 7% less energy, and the implementation of policies to limit, or provide disincentives for, the use of certain fuels and technologies, such as unabated coal-fired power stations, gas boilers and conventional internal combustion engine (ICE) vehicles.

The IEA also called for an intensification of research and development, as well as demonstration projects to unlock and commercialise advanced batteries, hydrogen electrolysers and direct air capture and storage, which are seen as the highest-potential new technologies to support the net-zero transition.

Appea CEO Andrew McConville said this week that the oil and gas industry is at the forefront of new energy technologies such as carbon capture and storage and hydrogen and opportunities will continue for Australian liquefied natural gas (LNG) exports to Asia to help lower emissions.

“Our industry has the technology, skills, experience and commercial relationships to develop a world-scale hydrogen industry both domestically and for export and to significantly scale up carbon capture and storage activities,” McConville said.

“Already Australian LNG exports are helping Asian countries reduce their emissions and this opportunity will continue. For each advance we make in reducing emissions through technology here, equally as important is every home and town in our neighbouring countries that we can shift away from dangerous and high emissions fuels and to whom we can bring energy security, which in turn brings economic security and geopolitical stability.

“The Australian government estimates that our exports of LNG help reduce emissions in importing countries by about 170-million tonnes each year, the equivalent of almost one-third of Australia’s total annual emissions.

“Natural gas plays an important role in balancing renewable energy, ramping up and down to match supply and demand. Gas is affordable and reliable,” McConville said.