{"id":6215,"date":"2020-09-14T16:46:11","date_gmt":"2020-09-14T06:46:11","guid":{"rendered":"https:\/\/350.org.au\/?p=6215"},"modified":"2020-09-15T08:17:19","modified_gmt":"2020-09-14T22:17:19","slug":"10-reasons-why-handing-public-money-to-gas-companies-is-a-terrible-idea","status":"publish","type":"post","link":"https:\/\/world.350.org\/australia\/10-reasons-why-handing-public-money-to-gas-companies-is-a-terrible-idea\/","title":{"rendered":"10 reasons why handing public money to gas companies is a terrible idea"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Prime Minister Scott Morrison is pushing big subsidies for gas as a key part of the upcoming budget and our economic recovery from the pandemic. Subsidising the gas industry means there\u2019s less to spend on communities who are struggling as a result of the pandemic. Recovery spending should benefit people and the environment, not just serve the interests of multinational fossil fuel companies that pay little or no tax, and employ very few Australians. <strong>This briefing covers ways public money is reportedly being considered to subsidise the gas industry, and 350.org\u2019s top 10 key concerns.\u00a0<\/strong><\/span><\/p>\n<h3><b>SUBSIDIES TO WATCH FOR<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The leaked interim report<\/span><span style=\"font-weight: 400;\"> of the Manufacturing Working Group of the then National COVID-19 Coordination Commission (the NCCC) set out a number of measures that would see public funding to subsidise the gas industry. Recent media stories have suggested strong interest in some of these options from the Government.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li><b>Support for gas pipelines<span style=\"font-weight: 400;\">: the government could ensure there are fixed returns to pipeline companies by underwriting volumes in gas pipelines. There are a number of mechanisms through which they can do this, including small loans, using cap and floor contracts and contract for difference. If there is any slump in demand the government and the public carry the financial risk. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/b><\/li>\n<\/ul>\n<ul>\n<li><strong>Underwriting gas supply<\/strong>: <span style=\"font-weight: 400;\">the government could be the buyer of the gas at a fixed price under a long-term contract and then sell it on to smaller customers. <\/span><\/li>\n<li><strong>Loans to small and mid-cap companies<\/strong>: <span style=\"font-weight: 400;\">the government could provide \u201clow cost capital\u201d to promote gas field development.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In addition, public subsidies for the gas industry could come through specific funding provided to the Northern Australia Infrastructure Facility, the Underwriting New Generation Investments program, the Clean Energy Finance Corporation and the Australian Renewable Energy Agency.\u00a0<\/span><\/p>\n<h3><b>10 REASONS WHY SUBSIDISING GAS DOESN\u2019T STACK UP<\/b><\/h3>\n<ol>\n<li><b>Putting money into the gas industry is financially risky<span style=\"font-weight: 400;\">: the above measures throw the risk of markets, pricing and demand onto the taxpayer at a time when the industry is doing major write downs of assets. The three major Queensland CSG exporters have written off $24 billion since 2014.<\/span><span style=\"font-weight: 400;\"> In 2020 there have been significant write-downs from oil and gas companies with Australian LNG plants writing down $14 billion by early August.<\/span><\/b><\/li>\n<li><strong>It\u2019s terrible for creating jobs<\/strong>: <span style=\"font-weight: 400;\">the gas industry is one of the least labour intensive industries in Australia. The Australia Institute analysis of ABS data shows that a million dollars in sales income only generates 0.4 jobs mining gas &#8211; almost ten times less than the average for all Australian industries.<\/span><span style=\"font-weight: 400;\"> A Credit Suisse analyst has said the pipeline proposals are at an early stage, not ready-to-invest.<\/span><\/li>\n<li><strong>There are better ways to support manufacturing:<\/strong><span style=\"font-weight: 400;\"> the Australian Manufacturing Workers Union has identified six key measures to make an immediate difference for the sector, including a new $1 billion Advanced Manufacturing Investment Fund to improve access to finance for manufacturers.<\/span><span style=\"font-weight: 400;\"> The Australian Industry Group has called for support for manufacturers to transition from gas to electricity, identifying it would cut costs and lower emissions with renewable energy.<\/span><\/li>\n<li><strong>Lower gas prices are a pipe dream<\/strong>: <span style=\"font-weight: 400;\">underpinning the recommendations to use public money for the gas industry is the aim of driving down gas prices to assist manufacturing. The gas prices the report states are needed, $4-6 per gigajoule, are widely seen as unachievable. Shell Australia chair said they were unrealistic and below the cost of extracting gas.<\/span><\/li>\n<li><b>It\u2019s a climate disaster: <span style=\"font-weight: 400;\">increasing Australia\u2019s use of gas would increase our climate emissions. The Climate Council identify emissions from the extraction and processing of gas as a key reason for Australia\u2019s emissions staying high.<\/span><span style=\"font-weight: 400;\"> Emissions from Australia\u2019s identified gas resources would be 13 times larger than Australia\u2019s present annual emissions and those from the prospective fossil gas resources would be three times the annual emissions of the whole world.<\/span><span style=\"font-weight: 400;\"> \u00a0<\/span><\/b><\/li>\n<li><strong>A handpicked working group and conflicts of interest:<\/strong> the working group members did not have to disclose potential conflicts of interest despite connections to the gas industry. This includes James Fazzino who is a director of the APA group that owns and operates gas pipelines and Andrew Liveris who is on the board of an oil and gas company. In addition, the NCCC, who set up the working group, was chaired by Nev Power who is the director and shareholder of gas company Strike Energy and one of the commissioners was Catherine Tanna, the managing director of Energy Australia that has a 20% stake in the Narrabri Gas Project.<\/li>\n<li><b>Gas companies are known for tax avoidance:<span style=\"font-weight: 400;\"> and subsidising their activities will not lead to substantial public revenue or even the government recouping money spent. Public money spent on subsidising the gas industry will likely support companies who pay little if any tax. Analysis of ATO data by The Australia Institute shows that eleven oil and gas companies in Australia had a combined income of over $39 billion but only one company, Origin, paid any income and company tax.<\/span><\/b><\/li>\n<li><strong>Gas-fired power generation is being used less<\/strong>: since 2014 gas-fired power generation in the national electricity market has dropped by 58%. Australian Energy Market Operator (AEMO) modelling sees investment in new gas generators as \u201cless likely\u201d and anticipates that batteries will be more cost-effective than gas-powered generators in the 2030s.<\/li>\n<li><strong>Communities don\u2019t want it<\/strong>: the proposed Santos Narrabri Gas Project attracted over 20,000 submissions with 98% of them opposed to the project. In the Northern Territory, where the Beetaloo Basin is, polling showed 86% of people were opposed to the fracking industry.<\/li>\n<li><strong>Financiers and insurers are getting out of gas<\/strong>: in August, Suncorp announced that their businesses will not directly invest in, finance or underwrite gas exploration or production and they will phase out underwriting in gas by 2025.<\/li>\n<\/ol>\n<h3><b>RECOMMENDATIONS TO GOVERNMENT<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Rule out subsidies for gas<\/strong> including, public financing and tax incentives for gas projects and gas infrastructure, underwriting for gas demand, bulk purchases of gas by the government to on-sell at a reduced rate and cuts to regulations that safeguard communities and the environment. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Commit to effective stimulus measures<\/strong> that create jobs with social and environmental benefits. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><strong>Release the manufacturing working group report<\/strong> and create a transparent process around recommendations considered by the Government.\u00a0<\/span><\/li>\n<\/ul>\n<h3>TAKE ACTION<\/h3>\n<p>Sign the<a href=\"https:\/\/act.350.org\/sign\/say-no-gas-bailouts\/\"> petition for no gas bailouts here<\/a>, and get involved in the <a href=\"https:\/\/www.schoolstrike4climate.com\/buildourfuture\">September 25 Day of Action here<\/a><\/p>\n<h3>References:<\/h3>\n<p><span style=\"font-weight: 400;\">AFR, \u201cGovernment considers plan to buy gas to lower prices for manufacturers\u201d, available <\/span><a href=\"https:\/\/www.afr.com\/companies\/energy\/government-considers-plan-to-buy-gas-to-lower-prices-for-manufacturers-20200902-p55rqe\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">IEEFA, Reviewing COVID-19 Advisory Board Proposals to subsidise the gas industry, available <\/span><a href=\"https:\/\/ieefa.org\/ieefa-australia-covid-19-advisory-board-wants-government-to-subsidise-failing-gas-industry\/\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">AFR, 7 August 2020, \u201cInpex adds to pile of LNG write-downs\u201d, available <\/span><a href=\"https:\/\/www.afr.com\/companies\/energy\/inpex-adds-to-pile-of-lng-write-downs-20200807-p55jfx\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">The Australia Institute, 2020, Gas-fired Backfire, available <\/span><a href=\"https:\/\/www.tai.org.au\/content\/gas-fired-backfire\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">AFR, 2 September 2020, \u201cGovernment considers plan to lower prices for manufacturers\u201d, available <\/span><a href=\"https:\/\/www.afr.com\/companies\/energy\/government-considers-plan-to-buy-gas-to-lower-prices-for-manufacturers-20200902-p55rqe\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">AMWU, 2020, \u201cA Fair Share for Australian Manufacturing\u201d, available <\/span><a href=\"https:\/\/www.amwu.org.au\/fair_share\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">The Australia Industry Group, 2020, Budget Submission, available <\/span><a href=\"https:\/\/cdn.aigroup.com.au\/Submissions\/Budget\/2020\/Budget_submission_2020-21.pdf\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">AFR, 28 August 2020, \u201cCompetition not intervention the answer for gas: Shell\u201d, available <\/span><a href=\"https:\/\/www.afr.com\/companies\/energy\/competition-not-intervention-the-answer-for-gas-shell-20200827-p55q05\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">Climate Council, 2020, \u201cPrimed for Action: A resilient recovery for Australia\u201d, available <\/span><a href=\"https:\/\/www.climatecouncil.org.au\/resources\/primed-for-action\/#mr\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">The Australia Institute, 2020, \u201cWeapons of Gas Destruction\u201d available <\/span><a href=\"https:\/\/www.tai.org.au\/content\/weapons-gas-destruction-lifting-lid-emissions-gas\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">For more information, see <\/span><a href=\"https:\/\/fossilfuel.watch\/whos-involved\/\"><span style=\"font-weight: 400;\">https:\/\/fossilfuel.watch\/whos-involved\/<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">The Australia Institute, 2020, Gas-fired Backfire, available <\/span><a href=\"https:\/\/www.tai.org.au\/content\/gas-fired-backfire\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">IEEFA, Reviewing COVID-19 Advisory Board Proposals to subsidies the gas industry, available <\/span><a href=\"https:\/\/ieefa.org\/ieefa-australia-covid-19-advisory-board-wants-government-to-subsidise-failing-gas-industry\/\"><span style=\"font-weight: 400;\">here<\/span><\/a>.<br \/>\n<span style=\"font-weight: 400;\">AEMO integrated system plan 2020, p55, available <\/span><a href=\"https:\/\/aemo.com.au\/en\/energy-systems\/major-publications\/integrated-system-plan-isp\/2020-integrated-system-plan-isp\"><span style=\"font-weight: 400;\">here.<\/span><\/a><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Narrabri Courier, 2020, \u201cOverwhelming opposition to Narrabri Gas Project\u201d available <\/span><a href=\"https:\/\/narrabricourier.com.au\/2020\/05\/18\/overwhelming-opposition-to-narrabri-gas-project-people-for-the-plains\/\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">Protect Country Alliance, 2020, \u201cNT Fracking Polling June 2020\u201d, available <\/span><a href=\"https:\/\/www.protectcountrynt.org.au\/nt_fracking_polling_june_2020\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<br \/>\n<\/span><span style=\"font-weight: 400;\">Suncorp Group, 2020, \u2018Sensitive Sector Guidelines\u2019 available <\/span><a href=\"https:\/\/www.suncorpgroup.com.au\/corporate-responsibility\/sustainable-growth\/responsible-banking-insurance-investing\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scott Morrison has plans to hand billions of dollars in public funds to gas companies, which would be a disaster for our climate, water, integrity and job creation.<\/p>\n","protected":false},"author":909,"featured_media":6226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24,1],"tags":[],"class_list":["post-6215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast 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