Australia Backs $47 Billion Gas Sector's Role in Transition [BNN Bloomberg (Canada)]
Chevron Corporation (CVX)
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Source: BNN Bloomberg
The government released a long-term framework, called the Future Gas Strategy, on Thursday to establish gas's role in the transition to cleaner energy, as it looks to meet a target for net zero by 2050. That will open it up to criticism to pandering to the A$72 billion ($47 billion) liquefied natural gas export industry, which argues that the nation faces a domestic shortfall as new projects have been stalled by onerous regulations. “The strategy makes it clear that gas will remain an important source of energy through to 2050 and beyond,” Minister for Resources Madeleine King said in a statement. “Gas plays a crucial role in supporting our economy. We will need continued exploration, investment and development.” The new strategy has been received warmly by the industry, with Australian Energy Producers Chief Executive Samantha McCulloch calling it a “clear indication of the ongoing role and importance of natural gas.” But environmental groups and left-wing lawmakers are furious,
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