Tonight on abc730: Climate scientists are warning now is not the time to back big new gas developments, as the new Albanese government throws its support behind Woodside's mega Scarborough gas projects. RhiannonShine
As the Australian government grapples with a short-term fix to the energy crisis, climate scientists are warning against long-term fossil fuel projects that will exacerbate the climate crisis.The International Energy Agency warned investments in fossil fuels had to cease in order for climate goals to be met by 2050
"It's a few years away from being helpful in the current crisis," Woodside CEO Meg O'Neill told 7.30. "We need to make sure that as we think about transitioning from the energy system we have today to the one that we want, that we do it in an orderly manner. Woodside Energy forecasts its Scarborough development will release 878 million tonnes of carbon dioxide equivalent over its lifetime.
But Resources Minister Madeleine King said Woodside's Scarborough project fit with Labor's climate targets. Energy analyst Tony Wood said he believed Woodside's Scarborough development could be accommodated within this policy because its emissions will be included in the cap and will need to be accommodated.
The company has no target for Scope 3 emissions – those created through the burning of fossil fuels by its customers. "We are in this position of financial strength at a time of significant volatility in global commodity markets including oil and gas, exacerbated by Russia's invasion of Ukraine," Ms O'Neill"The likelihood that major energy customers will continue moving away from Russian energy sources also strengthens the case for other undeveloped gas fields, such as Browse, to be brought on-line.
"By this time, countries will have had plenty of time to reduce their gas dependency, creating huge risk for this investment." "So gas is going to be part of their energy transition and meets both of those needs of being a secure source of energy, that is lower carbon than many alternatives."