Anyone who thinks gas demand is going away anywhere soon is misguided. The McKinsey modelling has it increasing between now and 2050!
Australia will have a coal and gas economy beyond 2050 Jacob GreberSenior correspondentNov 12, 2021 – Australia will remain one of the world’s biggest fossil fuel exporters in 2050, shipping almost $100 billion a year in coal and gas, according to modelling done for the Morrison government’s net zero plan.The estimate, which is in 2020 dollars, underscores the long-tail challenge of Australia’s transition out of high-emitting industries and exports, even as the government predicts it can deliver on most of its target by relying on technology and a “shadow” carbon price of $24 a tonne.The ongoing strength of coal and gas will come despite the value of Australia’s coal shipments falling 51 per cent between now and 2050, leaving just under half of the industry alive, while gas will have grown 13 per cent. That implies coal will still be earning Australia about $35 billion a year and gas more than $60 billion.
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