The Middle Arm Sustainable Development Precinct in the Northern Territory showcases the potential for a net zero economy to generate billions of dollars in economic benefits, according to the Australian Energy Producers.
The Northern Territory Government estimates that the hub’s gas manufacturing activities could potentially contribute $17 billion to the Australian economy.
With the precinct expected to employ 20,000 workers, the oil and gas sector stated that its participation will boost energy security in the Territory by supporting increased renewables in electricity generation and bolstering gas supplies in the east coast energy market.
According to the Australian Energy Producers, the site highlighted Australia’s competitive advantage as a leading gas supplier in Asian countries, catering to growing energy demand.
Middle Arm is one of nine Net Zero Zones highlighted by an Australian Energy Producers research, which highlights the potential for renewables, gas, hydrogen, and carbon capture and storage (CCS) technologies to collaborate to enable net-zero manufacturing, minerals processing, and heavy industries.
The NT Government plans to build some of the world’s largest carbon capture and storage facilities to decarbonise various industries.
Australian Energy Producers Chief Executive Samantha McCulloch said Middle Arm showcases Australia’s potential to enhance its economic strength as it transitions to net zero emissions.
“Net zero is not just a challenge to lower emissions – it’s an opportunity to grow our economy, boost our productivity, and share the benefits across our communities,” McCulloch stated.
“The gas industry can provide affordable and reliable energy as well as enabling carbon capture technologies and low-carbon hydrogen. And we will deliver economic benefits including thousands of jobs and billions of dollars of value to Australia’s economy,” she added.