Energy Security, Competitive Markets, Lower GHG emissions all Critical for Future Prosperity

BP today congratulated The Hon Martin Ferguson AM, Minister for Resources, and Energy, for producing a well thought-out energy policy which should improve the resilience of Australia’s energy sector and deliver competitively priced energy into the future.

BP’s Energy Outlook 2030 forecasts that global energy demand is likely to grow by 39 per cent by 2030, or 1.6 per cent annually and that global energy will remain dominated by fossil fuels. By 2030 today’s energy importers will need to import 40 per cent more than they do today, but the experience will vary by region.

Paul Waterman, President of BP Australia said that White Paper was a forward looking framework and should ensure Australia’s energy security in a rapidly changing regional and global environment. “BP has consistently contended that in order to enjoy energy that is sufficient, secure and sustainable into the future, Australia should have a market-based policy framework which encourages innovation and efficiency.”

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