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Japanese funding fueling Australia's gas industry - Levin - 14-06-2024
By WESLEY MORGAN
JUNE 12, 2024
Without funding from Japan, many of Australia’s gas projects wouldn’t have gone ahead. Massive public loans from Japanese taxpayers are propping up Australia’s now-enormous fossil gas industry. Japan is also becoming a major gas trader and today exports more gas to other countries than it imports from Australia.
Even as the world rapidly shifts to a clean energy future, Japan is emerging as a fossil fuel holdout. The world’s fourth-biggest economy, Japan has long been dependent on foreign sources of fossil fuels. Even as China has filled its deserts with solar farms, Japan has focused on gas.
These projects make it harder for Australia to achieve its climate goals and undermine the shift to clean energy industries. New gas projects threaten to divert workforce and investment away from these export industries.
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Worried about energy security, Japan is subsidizing new offshore gas projects in Australia which probably wouldn’t go ahead otherwise.
Japan is the world’s largest provider of international public finance for gas production. While other nations – including Australia – have pledged to end international finance for fossil fuels, Japan has kept the money flowing.
MUCH MORE AT: https://asiatimes.com/2024/06/australias-gas-industry-hangs-by-a-japanese-thread/