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5 March 2021
There’s a lot riding on predictions of the future, when it comes to climate. In Australia, the future of coal is mostly a debate about whether its demise is fast, or slow. For the country’s gas-fired power generation, the debate is slightly more complicated.
The government, for instance, believes that Australia ought to be building new gas-fired power stations, in order to buttress grid reliability and “affordability”. 1,000 megawatts of new gas in the Hunter Valley is erroneously justified on the grounds that it is “required” to ensure reliable provision of electricity. This view is supported by Australia’s Labor party, with their draft policy platform declaring that “Labor recognises that gas-power generation has a critical role to play in firming the National Electricity Market (NEM) to ensure reliability and price affordability as it transitions to net zero emissions and as other technologies emerge”.
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In the dynamic world of oil and liquefied natural gas (LNG) trading, one of the hottest new products is the carbon-neutral transaction. Designed to make oil and LNG more competitive environmentally with renewable energy in response to environmental, social and corporate governance (ESG) pressures, climate change and the decarbonization megatrend, carbon-neutral oil and carbon-neutral LNG provide for the offset of the greenhouse gas (GHG) emissions associated with a defined set of oil or LNG activities. A carbon-neutral oil or LNG transaction is effected through terms in the underlying transaction documents that govern the sourcing, purchase and retirement of carbon credits as offset units (COUs).