What is the mood of this event?Rudd is able to focus on the opportunities that this global energytransition potentially brings about what I guess potentially there's also some ofthe concerns about the risks that are being thrown up as well.Now we're just getting underway here in Perth at the Australian Energy Producers2024 conference and exhibition. This is one of the largest businessconferences in Australia. We're expecting well over 2000 delegatesthrough the doors over the next three days.And really it's a fantastic opportunity for the industry to come together toshare the latest innovations and.
Technologies, but also to discuss thoseissues that are really important for the industry, for our role in terms of thetransition and our role in the region, in terms of being a reliable supplier ofLNG to Asia. So in terms of the current policysettings for Australia, do you think that sufficient to encourage new levelsof investment? Well, there's no doubt that we've seen anumber of reforms and changes in the policy and regulatory environment herein Australia in the last 12 to 18 months.But just a week or so ago, we had the Federal Government release the futuregas strategy.
That was unambiguous in terms of thelong term critical role that natural gas will play in the energy mix to 2050 andbeyond. That includes here in Australia, butalso in terms of the role of LNG in the region.So we really very much welcome that sort of reset of the policy environment.We're now looking as an industry to work with the Government to ensure that wecan get the investment that we need to bring on new supply for the domesticmarket but also for our international customers.Yeah. And speaking of those internationalcustomers, Samantha, we've we've heard.
Concerns from the likes of Japan, SouthKorea, big buyers of Australia's LNG concern that their contracts won't behonoured. So do you think these policy changes areenough to sort of alleviate those fears? Well, we share some of the concerns ofour regional trading partners. It's imperative that those LNG exportcontracts are honoured. The industry is working hard to ensurethat we remain a reliable, stable supplier of LNG.We know how important our LNG is to keeping the lights on in Tokyo tofuelling manufacturing in South Korea. And it's key that we have the stabilitynow in the policy settings to bring on.
Those new investments that are neededand to reset that relationship with the major investors.And then you've got projects, of course, in the likes of Canada, the US, they'regoing to be able to deliver LNG at a lower cost.So is Australia going to be able to stay competitive on an international scale aswell? Well, there's no question that we'reheading into an era of intense competition in LNG markets.You can see that the U.S., Qatar are really doubling down on theirinvestments in LNG. It does reflect, though, the importantrole that LNG is going to play in terms.
Of the transition, particularly in theregion and for Southeast Asia. You know, the International EnergyAgency is projecting as much as a tenfold increase in LNG demand.Australia's really well positioned to be able to supply that LNG to the region tosupport not just energy security in these economies, but the transition awayfrom coal and towards net zero. What are your views on Australia'spotential role for carbon capture, particularly serving the rest ofindustrialised Asia? Yeah, yeah.Certainly the future gas strategy that was released by the federal governmentjust a week or so ago did indicate a.
Very important role and opportunity forAustralia to provide that CO2 storage service to the region.We're very conscious that CCS is a critical technology to decarbonise ourindustrial sector that's here in Australia, but also in countries likeJapan. And we are blessed with abundant CO2storage resources. So we are already progressingopportunities to be able to take that CO2 from countries like Japan and Koreaand store it safely and permanently here in Australia.And that's part of our contribution to a global net zero target.Samantha, just last question on on gas.
Prices generally, because they'vedropped from the record highs that we saw going back to 2022, but they'restill well above the levels we've seen over the past decade or so.So do those sorts of high prices risk demand, destruction across the emergingmarkets. Well, certainly we've seen a period ofhigh prices following Russia's invasion of Ukraine.This was a global energy crisis. We had unprecedented pressures on LNGmarkets. Those pressures have come offsubstantially still. But there is strong growing demand forLNG.
And that's why here in Australia we feelit's really important that we get the investment settings right so we cancontribute to the supply that will be needed to meet that demand and keep LNGaffordable, reliable because we know what happens when that gas supply is notthere, that countries are shifting back to coal and higher emission fuels.So it's not good for economies, it's not good for jobs, and it's certainly notgood for the environment.
