New Zealand urged to make the most of natural gas resources
Natural gas has the potential to help New Zealand reach net zero emissions and earn billions in revenue, according to a new publication by the Petroleum Exploration and Production Association of New Zealand (PEPANZ).
“Powering to 2050: A vision for Natural Gas in New Zealand outlines how natural gas can deliver affordable, reliable and sustainable energy for New Zealand well into the future,” says PEPANZ CEO Cameron Madgwick.
“Natural gas plays a crucial role in keeping electricity prices down by providing a back-up to renewable sources.
“It can help New Zealand reach net zero emissions by 2050 through replacing coal, creating hydrogen, and with the use of carbon capture and storage technology.
“At the same time, there could be enormous economic and social benefits from new discoveries. We could see higher incomes, new jobs, and billions in Government revenue.”
The report encourages the Government to enable carbon capture and storage technology and invest the proceeds of new developments into a sovereign wealth fund. A similar fund in Norway is now worth over $1 trillion USD.
The full report is available at https://pepanz.com/dmsdocument/113.