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Australia doesn’t need to spend more on fossil fuels exploration, could develop renewables capacity and jobs

September 20, 2021

PV Tech: 

Australian companies plan to spend AU$5.1 billion (US$3.7 billion) on offshore gas exploration over the next six years, which is enough to develop 2.5GW of renewables capacity and generate close to 5,000 jobs, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA).

Released today (20 September), the report showed how “the Australian government has given the green light to oil and gas giants” to spend vast sums of money on “risky offshore exploration activities despite industry-low success rates and the global energy transition”.

Although offshore exploration projects have a commercial success rate of between 20-40%, oil and gas companies intend to spend AU$5.1 billion on exploration, meaning around AU$3.5 billion (US$2.53 billion) will be wasted.

On the other hand, this amount of spending is equivalent to the current capital investment in around 2.5GW of renewable projects currently under construction or due to start soon in Queensland and Western Australia. These projects also have the additional benefit of producing 4,800 direct green jobs, according to the Clean Energy Council.

[Sean Rai-Roche] 

More:  Australia spending enough money on outdated oil and gas exploration to fund 2.5GW of renewables, says report 

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