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Last week, Jannaya James, National Head of Energy and Resources at Grant Thornton, facilitated a panel discussion at Energy Mines and Money Australia exploring the motivations, barriers and success strategies around Japanese investment in Queensland’s energy and mining industries.
The panel was arranged by Shoko Arakawa, Grant Thornton's Australian-based Japan Practice Director.
In 2018, Japan imported over $20b in coal from Australia – representing over 60% of Japan’s total coal imports, and 1/3 of Australia’s exports. This is complemented by the more than $20b in LNG Japan imported from Australia in the same period – comprising nearly half of Australian LNG exports. Queensland in particular has been a key beneficiary and facilitator of the trade relationship between Australia and Japan – with no signs of slowing down, as Japan’s focus on energy security will drive future investment in our energy and resources sector.
On the panel, we heard from Idemitsu Australian Resources, Sumitomo Corporation, Sojitz Coal Resources and Tokyo Gas Australia – Japanese companies with a presence in Australia, supporting the sustainable development, funding and export of Australian resources. All talked about the commitment of their companies to support our communities and to grow in the Australian market, with bright prospects for the energy and resources sector.
In particular, we can expect Japan, and Japanese companies to have an important role in research and collaboration on Australia’s national hydrogen strategy. With the International Energy Agency in Paris revealing that Australia has the potential to produce 100 million tonnes of oil equivalent hydrogen (approximately 3% of global consumption) in 2040, we’re well placed to be a major global player by 2030.
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