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Australian prime minister Anthony Albanese said the country will maintain its commitment to supply LNG and thermal coal to customers. This comes as Australia plans to transition to a lower greenhouse gas (GHG) emissions intensive economy, which in turn should provide further opportunities for Australia's resources sector.
The Labor party-led government has come under pressure from the Greens party, which Labor will have to rely on to pass legislation in the upper house of parliament the Senate, to halt fossil fuel exports to address the impact of climate change.
"I want to emphasise that our government will continue to work with your businesses to reduce emissions in a predictable and orderly way, underpinning the energy transition with certainty," Albanese said in a speech to Australia's largest industry group representing the mining sector, the Minerals Council of Australia.
"In the same way, Australia will continue to be a trusted and stable supplier of energy and resources to our key trading partners," Albanese said. "As we work with other nations to reduce emissions globally, we will continue to be a reliable provider of energy."
Labor's climate change legislation to enforce its GHG reduction target of 43pc by 2030 from 2005 levels is expected to be debated in the Senate this week after it passed the lower house of the Australian parliament last month.
Labor has a target to source 82pc of its electricity from renewable sources by 2030 compared with around a third at present. It is also a significant producer of nickel, copper and lithium, which are used for batteries and electric vehicles.
"There's strong global demand and there's fierce global competition. Chile, Canada and Saudi Arabia are all chasing the same prize, the same jobs, the same chance to lead an economic change every bit as transformational as the industrial revolution," Albanese said.
Labor has several initiatives it hopes will help in the energy transition such as its A$15bn ($10.24bn) National Reconstruction Fund (NRF) will support new and emerging industries and the transition of existing industries. "It will invest in areas like green steel and aluminium, clean energy component manufacturing, hydrogen electrolysers and fuel switching," Albanese said.
The NRF will dedicate a A$1bn investment in mining science technology and minerals processing to move Australia further up mineral value chains.
Many Australian companies are in consortiums with Japanese and South Korean firms about building green hydrogen supply chains where the hydrogen is produced and shipped from Australia.
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