QUEENSLAND RESOURCES POWER GLOBAL ECONOMY

In Energy, Latest News

Based on the International Energy Agency’s World Energy Outlook released this week, the Queensland resources industry will play an increasingly important role in powering the global economy.

Queensland Resources Council Chief Executive Ian Macfarlane said the strong outlook for resources was great news for Queensland jobs and the Queensland economy.

“Our resources sector is the industry of the moment and the industry of the future for Queensland,” Mr Macfarlane said.

“The IEA’s World Energy Outlook shows just how important Queensland commodities will be under all scenarios modelled.

“The IEA’s forecasts show the huge appetite for energy resources in Asia, which includes some of Queensland’s closest and largest trading partners.”

Asia makes up half the global growth in natural gas and 60 per cent of the increase in wind and solar PV. Under the new policies scenario, coal demand in India and South East Asia will grow by around 120 per cent.

“Our valuable coal exports will continue to drive global growth for decades to come. The IEA forecast shows that the average age of a coal-fired plant in Asia is less than 15 years, compared with 40 years in advanced economies,” Mr Macfarlane said.

“Given the ongoing construction and use of high-efficiency low-emissions coal-fired power stations in Asia, there’s a long-term market for efficient Queensland coal to provide electricity with fewer emissions than coal sourced from other countries.

“There’s also a positive outlook modelled through to 2040 for Queensland’s met coal which is used for making steel that goes into everything from cars to kitchens to wind turbines.

“And Queensland’s gas industry can power both domestic industry and international markets, with natural gas set to become the second-largest fuel in the global energy mix in 2030.

“All Queenslanders will welcome this positive report card on the global energy market, because it means benefits for every town and community in Queensland.

“Increased demand for our resources means a better return for all Queenslanders through royalty taxes, which already chip in more than $4 billion a year to the budget bottom line. And it means ongoing jobs for the 300,000 Queenslanders who currently work in the resources sector and those who aspire to in the future.”

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