The Resources and Energy Quarterly December 2019 released today again confirms the importance of Australia’s liquefied natural gas (LNG) exports in delivering significant economic returns for Australia and helping to reduce global emissions.
According to the Department of Industry, Innovation and Science, the value of Australia’s resources and energy exports Australia’s resource and energy export earnings are forecast to set a record $281 billion in 2019–20, up from $279 billion in 2018–19.
Liquefied natural gas (LNG) exports have more than doubled over the last few years and are contributing significantly to this growth. LNG is now Australia’s second largest export after iron ore, with export value forecast to reach $49.3 billion in 2019-20.
APPEA Chief Executive Andrew McConville said the data highlighted the significance of LNG exports for sustaining Australia’s economic growth, maintaining living standards and lowering global carbon emissions.
“Australia’s LNG projects will deliver decades of economic growth, jobs and exports,” Mr McConville said. “The billions of dollars invested in these projects has also benefitted the growing domestic market.”
“The LNG industry is and will remain a very large supplier of domestic gas to the east coast gas market.
“Investment in LNG projects has significant flow-on benefits across all parts of Australia.
Australia’s oil and gas industry underpins around 80,000 direct and indirect jobs – and hundreds of thousands of Australian jobs rely on the reliable, affordable and sustainable supply of oil and gas.
“LNG exports are helping our customer nations, particularly in Asia, to cut carbon emissions and lift people out of energy poverty,” Mr McConville said.
“It’s important to recognise the global appetite for energy is growing, with more than 862 million people lacking access to electricity. Substituting LNG for more emissions-intensive fuels allows importing countries to satisfy growing demand while reducing emissions.”
According to the latest Federal Government estimates, Australia’s LNG exports have the potential to lower emissions in importing countries by around 159 million tonnes by displacing coal consumption in those countries. This is around 30 per cent of Australia’s total emissions.
“Climate change is a global problem that requires a global solution, delivered through a national approach,” Mr McConville said.
Read the Resources and Energy Quarterly report.