Energy crucial to lead Australia into recovery - QREX news
Published on 21 July, 2009
Development of the energy sector is crucial to lead Australia into economic recovery, according to Federal Minister for Resources and Energy Martin Ferguson.
Mr Ferguson was speaking during the International Industry Conference (Monday, July 20) at the start of the Queensland Resources Expo (QREX), for which CQUniversity is a Foundation sponsor.
LINK here for highlights of Minister Ferguson's presentation
Resources sector top priority in tie up between CQUniversity and QRC
Minister Martin Ferguson stakes Australia's recovery on energy
The Minister said a uranium industry for Queensland was only a matter of time, a $50 billion natural gas project could be green-lighted in Western Australia this year and that carbon capture and storage technology was essential to prevent the 'demonisation' and impediment of the coal industry.
"Technology has created the problem and technology can solve the problem," Mr Ferguson said, referring to his Government's support for clean coal, renewable energy and the emerging coal-to-liquid and gas-to-liquid pilot processes, destined to reduce Australia's dependence on petroleum.
Mr Ferguson spoke highly of Queensland's potential to develop its liquified natural gas (LNG) from coal seam methane industry, due to the impressive list of international energy companies involved.
He said the Federal Government's carbon emissions policy would be as fair as possible to the coal industry so crucial in Queensland.
Meanwhile, Queensland Resources Council Chief Executive Michael Roche presented a freshly-released animated video showing the technology associated with carbon capture and storage.
He said that, given the computer power involved in the moon landing was less than that of a modern Gameboy, the technology available today meant we should have a 'Yes We Can!' approach to clean coal.
Mr Roche said that, with global electricity demand expected to double within 2 decades, carbon capture and storage of emissions from coal-fired power stations was crucial.
"With some 1.6 billion people around the world still without regular access to electricity, demand is not going to level out any time soon," Mr Roche said.
"The governments of China, India and Vietnam have committed to building an additional 478,000 megawatts of coal-fired electricity generating capacity to meet demand over the next 15 years.
"That's almost 10 times Australia's total electricity generation capacity of 50,000 megawatts."
Mr Roche said the world has 130 years' supply of coal at current rates of consumption, compared to around 42 years of oil reserves and 60 years of gas, not including coal seam gas reserves still being proved up in Australia and elsewhere.
Other presentations focused on Europe's progress towards a low carbon future and the Global Carbon Capture and Storage Institute, while the day ended with an Industry and business outlook roundtable.
Details are available at: http://www.qrex.com.au/
Program details via: http://www.qrex.com.au/programme/2009-program/