The Northern Territory’s Middle Arm Sustainable Development Precinct demonstrates how billions of dollars of economic benefits can flow in a net zero economy, according to Australia’s oil and gas industry.
Australian Energy Producers has told a Senate Inquiry the low-carbon energy and emissions reduction hub near Darwin would accelerate emissions reduction and attract regional investment by creating net zero industries.
The NT Government has identified a potential $17 billion contribution to the Australian economy from Middle Arm’s gas manufacturing activities.
With the precinct estimated to employ 20,000 workers, the oil and gas industry said its involvement would also deliver improved energy security in the Territory, backing up increasing renewables in electricity generation, and bolstering gas supplies in the east coast energy market.
Located within 5000km of 55 per cent of the world’s population, the site also highlighted Australia’s competitive advantage as a leading gas supplier close to Asian countries with growing energy demand.
Middle Arm is one of nine Net Zero Zones identified by an Australian Energy Producers study highlighting the opportunity for renewables, gas, hydrogen, and carbon capture and storage (CCS) technologies to work together to support net-zero manufacturing, minerals processing and heavy industries.
The NT Government plans for the some of the world’s largest CCS facilities to decarbonise a range of industries while potentially storing carbon from other countries.
Australian Energy Producers Chief Executive Samantha McCulloch said: “Middle Arm shows how Australia can flex its economic muscle as we transition to net zero emissions.
“Net zero is not just a challenge to lower emissions – it’s an opportunity to grow our economy, boost our productivity, and share the benefits across our communities.
“The gas industry can provide affordable and reliable energy as well as enabling carbon capture technologies and low-carbon hydrogen. And we will deliver economic benefits including thousands of jobs and billions of dollars of value to Australia’s economy.”
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