Image credit: Australian Youth Climate Coalition
A major new report from the IEA reaches a conclusion that is sending waves through the fossil fuel industry: the expansion of fossil extraction has to end. That’s bad news for Australia’s gas industry, which exports most of its product. Their plans to expand fossil fuel supply isn’t compatible with the net zero plan.
In the report, Australia’s gas exports peak in 2025, and fall precipitously after that. By 2040, Australia’s gas exports are only 30% of what they were at their peak.
Australia’s core gas industry body did not mention the modelling showing a massive decline in LNG exports in their response to the report.
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