The International Energy Agency (IEA) has confirmed natural gas as a key resource in reaching net zero targets by 2050.
The IEA’s “Net Zero Roadmap Update” recognised the long-term role of gas in the global energy mix and encouraged increased investment.
“In Australia, new gas supply will provide a safety net for the energy system — avoiding blackouts and putting downward pressure on prices,” Australian Energy Producers (AEP) chief executive Samantha McCulloch said.
“The IEA highlights the importance of gas is amplified if renewables and other technologies are not able to be deployed at the scale and pace required under this ambitious global pathway.”
The report also highlighted the need for new gas supply in Australia, with McCulloch calling upon governments to heed IEA warnings.
“Australia’s own energy market authorities, the Australian Energy Market Operator and the Australian Competition & Consumer Commission, are repeatedly highlighting future shortfalls and the need for new gas supply,” she said.
“The momentum for carbon capture utilisation and storage (CCUS) is growing in Australia and around the world but the IEA says rapid progress is needed by 2030 and hinges on cutting project lead times.
“Global CCUS deployment needs to increase by over 130 times by 2050, and low-carbon hydrogen by over 400 times, with action urgently needed from policy makers for both technologies.”