Coal seam gas in Australia’s progression to a low carbon economy
Andrew Petersen A and Hugh McKerrow APricewaterhouse Coopers 201 Sussex St Sydney NSW 2000
The APPEA Journal 49(2) 577-577 https://doi.org/10.1071/AJ08050
Published: 2009
Abstract
The previous decade has witnessed an unprecedented increase in societal appreciation for the existence of climate change and its associated impacts. One need only look to the reports of the Intergovernmental Panel on Climate Change (IPCC) for evidence—between 1990 and 2007, scientific acceptance of the anthropogenic nature of climate change has risen from merely perhaps in 1990 to a certainty of 90% in 2007.
As governments look to create imposts on the very emissions causing climate change, be it through emissions trading schemes (ETS) or through carbon taxes, an equally stark appreciation has occurred in relation to the need to switch to low emissions fuel source in the absence of carbon capture and storage. In contrast to the introduction of the EU ETS, fuel switching in Australia will be more problematic—now Australia sources only a small fraction of its energy supply from renewable energy sources and it will take some time for this to change. What is therefore needed, is a transition fuel—a fuel that will provide Australia with a stepping stone to a sustainable future while at the same time ensuring the security of our energy supply. Coal seam gas (CSG) could play an important part in this progression.
Its role is not, however, without its complexities. In a world of daily regulatory and market developments, the CSG industry will need to incorporate both Australian and international climate change issues into its development plans - its physical, reputational, regulatory and market risks and opportunities.
This extended abstract will examine the links between these exposures and the future growth potential of the industry.
keywords: CSMG, Coal Seam Methane Gas, climate change, CPRS, Carbon Pollution Reduction Scheme, carbon GHG, Greenhouse Gas Emissions, LNG, Liquified Natural Gas, Transitional Assistance, CDM, Clean Development Mechanism, Permit Liability, Permit. Forestry, forestry plantation, sequestration, water, saline
Andrew Petersen is a qualified and practising lawyer in Australia and has been part of PricewaterhouseCooper’s global climate change services team since joining the company in 1999. Andrew is an accredited auditor under the NSW Governments Greenhouse Gas Abatement Scheme, a verifier under the Federal Governments Greenhouse Friendly Scheme, and has also been a representative on the Business Council of Australia Greenhouse gas Committee in 2002–2003 and 2005 as an industry delegate in the to the Federal Government’s representation to the United Nations Conference of Climate Change. Andrew’s area of expertise lies in the wide ranging aspects of emissions trading, environmental compliance requirements, emissions trading schemes, stakeholder engagement and their legal implications. andrew.petersen@au.pwc.com |
Hugh McKerrow is a specialist in Australian and international climate change laws, policy and finance. As a member of PricewaterhouseCooper’s sustainability and climate change practice and a qualified solicitor, a major focus of his engagements to date have been in relation to the development and implementation of major projects that secure and enhance corporate value in emerging markets (such as: renewable energy, carbon credits and markets, oil and gas, and forestry sequestration). hugh.mckerrow@au.pwc.com |
