19 May 2021 6:00 GMT Updated 19 May 2021 6:04 GMT in Perth
The industry body representing Australia’s oil and gas industry has welcomed new regulations that will allow the Australian Renewable Energy Agency (Arena) to provide support to non-renewable projects.
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Historically, Arena has only been allowed to fund renewables projects, but the federal government introduced new regulations on Wednesday to expand the remit of the agency to include a wider range of clean energy technologies.
This will give Arena the power to provide financial support to both renewable and non-renewable low-emission technologies, including carbon capture and storage (CCS) and hydrogen.
The International Energy Agency outlined the path to net zero emissions this week, but some Asian countries and companies have backed down.
Asian energy officials objected to the call from the International Energy Agency (IEA) on Wednesday, believing that there is no new oil, natural gas and coal investment in the world until 2050 to achieve zero carbon net emissions, and that this approach is too narrow.
The International Energy Agency (IEA), which has previously advocated for the oil and gas industry, outlined this week the road to net zero emissions. The proposal recommends stopping new investment in oil, natural gas and coal supplies and phasing out fuel in developed economies by 2030. Coal power plants, and prohibit the sale of more new internal combustion engine vehicles by 2035.
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