Spoiler alert
This post is about gas!
Today's Fairfax article "Australia vastly underreporting methane pollution, report finds" includes the following:
Australia has been called out for underreporting its annual greenhouse gas pollution by as much as 28 million tonnes by failing to record more than 80 per cent of emissions that leak during coal and gas production, exacerbating the challenge of achieving the government’s upgraded climate targets.
The Paris-based International Energy Agency, which conducts independent analysis of greenhouse emissions using public data including satellite detection, estimates that in 2022 Australia’s coal mines were responsible for about 81 per cent more fugitive methane emissions than official statistics show, while oil and gas production generated 92 per cent more.
The government has asked its Climate Change Authority to look at ways of improving methane measurement. Incorporating a greater volume of fugitive greenhouse emissions into the national figures would add to the challenge of reaching Australia’s climate commitments. They include a legally binding target to cut national emissions by 43 per cent by 2030 and reach net zero by 2050, as well as a 2022 commitment to the Global Methane Pledge to cut emissions of the gas to 30 per cent below 2020 levels by the end of the decade.
Amandine Denis-Ryan, chief executive of the IEEFA and author of the report, said the underreporting also means the emissions targets under the federal government’s safeguard mechanism would need to nearly double from cuts of 4.9 per cent to 9.8 per cent a year.
IMO this is great news for QPM:
* It sounds like there could be future potential of the Safeguard Mechanism to ratchet up its requirements, to keep the country on track with its climate pledges (and it's intention to host the COP31 in 2026).
* QPM are positioning to collect fugitive gas from QLD's Bowen Basin met coal mines under the Moranbah Gas Project
* The basin's mine's are already recognising the need to reduce their emissions:
https://reneweconomy.com.au/austral...but-should-be-prepared-for-uncomfortable-cop/
That report from Nov22 states:
“Emissions from Australia’s Bowen basin have declined by approximately 11 per cent per annum,” Kayrros said in its pre-COP27 report. “The encouraging trend in Australia’s Bowen basin likely reflects mitigation activities by mining companies. Reducing emissions from coal mining is based on well-known technologies that were originally developed to reduce the risk of underground explosions.
Until recently, coal producers invested in these technologies only to address safety concerns. “Now that methane from coal mining is in the spotlight among a growing number of investors and regulators, there is a business case to be made for reducing emissions beyond the level required by safety protocols. The implication for the rest of the energy industry is clear: mitigation is possible with the right incentives
Many of those investors mentioned will be focussed on ESG as their money is in the world's third largest miner, BHP.
Queensland Coal comprises the BHP Mitsubishi Alliance (BMA) assets in the Bowen Basin in Central Queensland, Australia.
BMA is Australia’s largest producer and supplier of seaborne metallurgical coal and is owned 50:50 by BHP and Mitsubishi Development.
BMA operates seven Bowen Basin mines (Goonyella Riverside, Broadmeadow, Daunia, Peak Downs, Saraji, Blackwater and Caval Ridge).
I believe the QPME team are going to be extremely busy fielding enquiries from the basin's miners to ''hook us up''.
Wouldn't an agreement with BMA be a feather in our cap?!
It would certainly be consistent with the team's Tier 1 focus and partners to date. Stay tuned!
(20min delay)