News - 19 May 2021

Taylor-Morrison gas welfare program a sign of industry demise

The IEA Net Zero 2050 report calls for no new fossil fuel exploration beyond 2021.

The Wilderness Society’s Manager of Policy and Strategy, Tim Beshara provides the following comments on the release of the IEA Net Zero by 2050 report and the latest government cheque being provided to the gas industry. The International Energy Agency is an organisation that represents the global energy sector.

“Everytime that Angus Taylor or Scott Morrison writes another welfare cheque for the fossil fuel industry it is evidence that the industry has no future. From now on, the only people who will throw money  into gas investments will be the industry cowboys, and unwittingly, the Australian public.

“This week the International Energy Agency announced that there should be no new fossil fuel exploration from 2021 and that oil and gas demand and prices will collapse in a net zero world. It’s game over. Or to quote IEA Executive Director of the International Energy Agency, Fatih Birol, putting money into gas from now on is a ‘junk investment’.

“For a ‘gas-fired recovery’ not to be bullshit, investors would have to be putting up their own money. But they are not. And the Kurri Kurri gas plant announcement gives 600 million dollars’ worth of  taxpayer funded reasons why it’s bullshit. 

“The ABS data clearly shows that the amount industry is spending themselves on exploration has fallen off a cliff by over 80% and shows no sign of recovering. And while the industry whines about environmental approvals there are countless major projects where the hold up is the inability to get finance or a lack of assurance that spending the capital right now won’t lock them into a money pit. 

“No amount of government welfare for the fossil fuel industry will bring them back from the abyss. Our concern however is that they aren’t allowed to damage Australia’s special places in their dying days,” Tim concluded. 

For further comment contact Tim Beshara on 0437 878786.

IEA (2021), Net Zero by 2050, IEA, Paris