As a result of this global trend, Australia’s fossil fuel production is projected to decline over the period to 2050 and to be 35% below 2020 levels.
Australia’s gas and coal production will fall by more than 35% by 2050 as global demand for these commodities declines as the world hits carbon neutrality targets, while the value of lithium, nickel and copper exports falls. increased to 84 billion AUD ($59 billion) per year.
According to the Vietnam News Agency correspondent in Sydney, the report on the Australian Government’s Long-Term Emissions Reduction Plan predicts that the country’s demand for fossil fuels will decline as international trading partners “turn to technologies” , fuels and low emission goods”.
As a result of this global trend, Australia’s fossil fuel production is forecast to decline over the period to 2050 and to be 35% below 2020 levels, the report added. international coal will decline faster than natural gas.
On the other hand, according to an analysis from the Australian Department of Science, Industry, Energy and Resources, lithium exports could increase from AUD 1 billion ($700 million) in 2020 to AUD 10 billion ($7 billion), or even more. could even reach $34 billion ($23.8 billion), if the country “continues to refine all mined lithium,” by 2050.
The Australian government also believes that thanks to battery demand, its nickel exports could grow from AUD4 billion ($2.8 billion) in 2020 to more than A$30 billion ($21 billion) in 2050, while copper exports increased from AUD 7 billion ($4.9 billion) to AUD 19 billion ($13.3 billion) in the same period.
Overall, the plan suggests that Australia’s total exports of these three resources could grow from AUD12 billion ($8.4 billion) in 2020 to A$84 billion ($58.8 billion) after 30 years. Another year. Other studies also point to opportunities for Australia in further expanding the battery mineral value chain. For example, 34,700 jobs could be created by 2030 if Australia builds capacity in battery refining, manufacturing and integration and downstream services. Meanwhile, hydrogen production could create 16,000 jobs by 2050 in traditional mining areas.
Australia’s coal mining industry currently employs 50,000 people, with coal exports expected to bring in more than A$50 billion ($35 billion) in the 2021-2022 financial year. Liquefied natural gas (LNG) exports are also expected to bring in more than A$50 billion ($35 billion) this financial year.
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