Foreign governments fuel Australia’s gas industry

Public financial institutions in China, Japan and South Korea have raised $ 28 billion ($ 21 billion) in Australian gas projects over the last decade.

However, when Prime Minister Scott Morrison joined world leaders at COP26 (26th United Nations Climate Change Summit in Glasgow), the Environmental Group was in Australia’s suspension of coal, gas and other emission production projects. Condemned Australia for continued omissions.

Fossil fuel lending reached tens of billions of dollars between 2010 and 2020, according to reports from four environmental research centers in Australia, Japan and South Korea, but the same financial institution has only 326 on renewable energy projects. I was investing only $ 10,000 ($ 2.43 million).

Report (pdf) Said that private financial institutions avoided lending to fossil fuel projects, but banks managed by foreign governments did not.

“This public funding often makes projects successful or unsuccessful, subsidizing or mitigating private funding, thereby supporting fossil fuel projects that may not have otherwise taken off.” Said the report.

Australia, the world’s largest exporter of liquefied natural gas (LNG), shipped more than 72 million tons of LNG to North Asia between June 2020 and 2021. That’s about $ 15.6 billion (US $ 11.6 billion).

Epoch Times Photo
Chinese oil company Sinopec’s new Tianjin Liquefied Natural Gas Terminal received liquefied natural gas (LNG) cargo from Australia on February 8 in Tianjin, China. (VCG / VCG via Getty Images)

Especially in China, gas consumption has increased in recent months due to serious energy shortages and prolonged power outages and power outages.

The authors of the report also urgently follow Australia’s emission reduction efforts in light of a recent report by the United Nations Intergovernmental Panel on Climate Change (IPCC), which concluded that anthropogenic emissions are the cause of rising temperatures. Joined other environmental groups to encourage.

“Neither the new fossil fuel project nor the expansion of existing projects is incompatible with the goal of zero net emissions by 2050,” the report said.

“To keep the global warming needed to avoid the worst effects of the climate crisis below 1.5 degrees Celsius, it is imperative that foreign financial institutions stop lending to fossil fuels.”

However, the federal government has spoken out about gas, which is an interim measure to ensure sufficient electricity while the country shifts to more intermittent power generation such as wind and solar.

Epoch Times Photo
A coal seam gas well and a wastewater treatment plant in Piriga Forest, Naraburi, New South Wales, Australia, on February 6, 2021. The project will drill 850 new gas wells in and around the Piriga Forest. , Area of ​​about 92,000 hectares. This project is a major part of what Australian Prime Minister Scott Morrison called a “gas-led recovery” from the economic damage caused by the COVID-19 pandemic. (Photo by Brooke Mitchell / Getty Images)

Speak at a hearing (pdfLast week, Paul Broad, CEO of government-owned energy provider Snowy Hydro, said that solar and wind generation requires the ability to “verify” energy during periods when the sun isn’t shining and the wind isn’t blowing. Said.

“We need to think about transition fuels. As Europe shows today, the main transition fuel is gas,” Broad said.

The unexpected drop in winds has plunged Britain into an energy crisis as reduced renewable energy generation and rising gas demand have swept the European block.

Broad also said that gas has the advantage of providing fast “lamping,” the ability to ignite quickly and when needed.

“In Europe, the proportion of energy supplied by gas is 22 percent. In the NEM (National Electricity Market) it is 6 percent. Europeans recognize the importance of gas as a filler for wind and solar. In that respect, it’s probably five to ten years ahead of Australia, “he said.

Daniel Kumerev