Australia is expanding oil, gas, coal, despite the 'transition away from Fossil Fuels' decision at the UN Climate Conference COP28. In a Climate Crisis the first best action is to stop digging.
A new report released by the Federal Government on 18 December - Resources and Energy Major projects 2023 - outlines some 117 new coal and gas projects across the continent. Some of these may not get through the approvals process, or the Safeguard Mechanism. Some may prove uneconomic to proceed to the final stage. But many are still on the cards and may go into production.
Most of these fossil fuel projects are driven for the export market.
The Albanese government has approved or extended eight fossil fuel projects and two carbon capture projects since taking office in May 2022 reports Callum Foote for Micheal West Media in September.
Documents released under Freedom of Information last week show the $1.5 billion allocated by the Federal Government for the Darwin Middle Arm petrochemical development of common use infrastructure may balloon out to $3.5 billion. This is an incredible fossil fuel subsidy for Fossil gas expansion.
Just a few quick insights from the report:
🔥 "oil and gas projects comprise the largest single group of committed projects by value. There are 12 oil and gas projects that are in the committed stage, with a value of $36 billion."
🔥 " Some projects involve the production of oil and gas, while others include the building of LNG trains which liquify natural gas for export"
🔥 "There are currently 10 coal projects at the committed stage, with a total value estimated at $4.6 billion. Most of these (including various port and channel upgrades, and the Wilton-Fairhill, Vickery, and Mandalong mines) are expected to be completed within the next three years. One project (worth just under $1 billion) is at the advanced feasibility stage."
✅ "More than 15 early-stage coal projects were removed from the list in this report. The removals are mostly for thermal coal projects"
🔥 "Petroleum exploration expenditure fell by 21% to $0.9 billion.
🔥 "Coal exploration expenditure rebounded from 2 years of decline, rising by 24% in 2022–23. "
References
Department of Industry, Sciences and Resources, Resources and energy major projects: 2023, 18 December 2023, https://www.industry.gov.au/publications/resources-and-energy-major-projects-2023
Callum Foote, Michael West Media, Sep 8, 2023, Ten and rising: Albanese government new fossil fuel approvals unveiled, https://michaelwest.com.au/ten-and-rising-albanese-government-new-fossil-fuel-approvals-unveiled/
Michael Slezak, ABC News, 15 Dec 2023, Darwin Harbour Middle Arm expansion plan slammed by critics as 'extraordinary fossil fuel subsidy' https://www.abc.net.au/news/2023-12-15/darwin-harbour-extension-plan-slammed-as-fossil-fuel-subsidy/103215782
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