The Hon Madeleine King MP12/10/22
Minister for Resources and Minister for Northern Australia
Gas supplies will be needed to undertake the refining of critical minerals and rare earths that we want to see happen here in Australia. Gas will be part of the future of this important national effort.
And avoiding, reducing, and offsetting residual carbon emissions as we move through the energy transformation towards a net zero future, will be critical.
When carbon credits are required, they must be of a high quality. This is why the government initiated a review of Australia’s carbon credit units to ensure they are of the highest integrity. Industry also has a part to play by purchasing credits that do more than just the bare minimum of carbon abatement, such as enhance biodiversity or economically benefit First Nations communities.
Complementing carbon credits, the Albanese Labor Government will legislate a way of valuing nature to incentivise farmers and land managers to protect and restore our precious environment. The nature market will work in partnership with carbon credits.
The gas crisis on the east coast this year brought the need for reliable and affordable gas into sharp focus.
The Government has responded decisively. We recently signed a new Heads of Agreement with East Coast LNG Exporters to prevent a gas supply shortfall and ensure a significant increase in gas supplies that we expect will put downward pressure on prices.
The agreement will ensure continued access to secure and reliable gas and I was very pleased at the way east coast gas producers worked cooperatively with the Government.
As a result, I was satisfied I did not need to take steps to activate the Australian Domestic Gas Security Mechanism, which we had formally extended to 2030.
The mechanism of course is an important measure of last resort which allows the Government, in the event of a predicted shortfall, to restrict exports to ensure enough gas is available for domestic use.
21MW Gas Powered Generator up 2.9% on costs to run from March to June using domestic pricing. Let's see if any increase in June to Sept results happen when released next week. I think likely to remain low.
(20min delay)