Australia pins hopes on elusive gas panacea for climate, economy woes
Source: Reuters
BUSINESS NEWS JUNE 2, 2020 / 7:22 PM / UPDATED 17 MINUTES AGO
Australia pins hopes on elusive gas panacea for climate, economy woes
Sonali Paul
5 MIN READ
MELBOURNE (Reuters) - Australia is working on plans for a gas-driven recovery from COVID-19 that will help the country adapt to a low-carbon future, with the conservative government tiptoeing away from its vocal support for coal.
Prime Minister Scott Morrison, who once brandished a chunk of the divisive fossil fuel in parliament, has hailed cleaner burning gas as the key to cutting emissions in the transition to renewable energy.
A plunge in prices for the fuel is also being touted as an opportunity to boost manufacturing, while a draft report to government on rebuilding from coronavirus put gas at the centre of its recovery plan and backed state support for the sector.
The change of focus follows a devastating summer of bushfires and heightened public worries about climate change, along with what analysts say is increasing evidence that new coal-fired power is not economically viable in Australia.
At the same time, it reflects a pragmatic choice that does not abandon fossil fuels. The coalition government still numbers some strong supporters of coal, a lightning rod in Australia’s decade-long struggle to forge a long-term climate policy.
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Read more: https://www.reuters.com/article/us-australia-gas/australia-pins-hopes-on-elusive-gas-panacea-for-climate-economy-woes-idUSKBN239379
