A new report from ACF, Jubilee Australia and the Fossil Free Japan Coalition reveals that $20.5 billion from Japanese and Korean public finance institutions has funded Australian gas export projects from 2008 to 2024.
The eye-watering sum is driving Australian gas expansion, like Woodside’s Scarborough gas export project. Scarborough’s lifetime climate pollution? About the same as every flight in the world for a calendar year!
And as new gas projects pump out staggering amounts of climate pollution fuelling more extreme and frequent fires and floods – polluters and big corporations scoop up the profits.
There is no gas shortage in Australia
Around 80% of Australian gas is exported overseas. Existing projects through to 2035 would be enough to power our domestic energy needs for 64 years. With our dwindling domestic gas needs, there’s simply no need for new gas projects.
And there’s no gas shortage in Japan either.
While Japan’s government claims Australian gas ‘keeps the lights on in Tokyo’, in fact Japanese buyers are over-contracted and re-sell surplus gas to other Asian countries feeding artificial demand that drives further gas expansion, derailing the region’s renewables transition.
Meanwhile, Japanese and Korean companies like JERA, Mitsui and INPEX are building massive profits from exporting Australian gas. Last year alone, IEEFA estimates Japanese companies resold $11-14 billion of Australian LNG with profits likely exceeding $1 billion.
Their primary target for on-selling Australian gas is Southeast Asia. Deepening Southeast Asian countries’ reliance on fossil fuels means they risk missing out on the opportunities provided by the declining costs of renewables. Currently over 99% of the wind and solar potential in the region is untapped.
Over the last decade plus, domestic gas market prices have soared and so have our power bills. Gas market prices in Adelaide, Brisbane, Sydney and Victoria have almost tripled since 2011. It’s no coincidence – since LNG exports began, Australia’s domestic gas prices have tripled.
Our future is renewable
Renewables are the most affordable new source of energy generation in Australia.
Average energy generation prices for Queensland, June 2025:
Renewables: $86.65/MWh
Coal: $190.91/MWh
Gas: $404.91/MWh
Renewable energy from the sun and wind is not only affordable, it’s reliable and here, now.
In the last quarter of 2024 renewables reached a record 46% of Australia’s electricity generation in the National Energy Market (AEMO). Australia is aiming to generate 82% of the electricity for Australian homes and businesses from renewables this decade.
We should also do our bit to help neighbours in the region embrace renewables, not get hooked on climate-wrecking gas.
Our government must get Australia off gas!
Big gas polluters and Japanese and Korean companies are the major beneficiaries of the billions of international dollars being pumped into Australian gas exports, while the health of our climate and wallets lose.
The great contradiction is that the Australian Government has stopped using taxpayer money on fossil fuel projects overseas to curb climate pollution – all while permitting other nations to invest in expanding our gas industry, increasing climate destruction that risks our communities and wildlife.
The government’s Future Gas Strategy, which envisages Australia opening new gas fields and continuing to burn and export this dirty fossil fuel well beyond 2050, is a blueprint for climate disaster and should be abandoned.
It’s time for the Australian Government to stand up to the international companies and gas polluters taking Australians for a ride – and profiting from climate destruction and rising power bills.
Turning off the gas and embracing renewable energy protects communities from more frequent and more extreme weather and wallets from rising power bills – a much fairer result for Australians.
Take action
Take action today – tweet the Prime Minister to get Australia off gas!
Send the pre-written message, or craft your own with the help of these key talking points:
- Gas expansion is fuelling increased climate pollution
$20.5 billion in Japanese and Korean public investment has been poured into Australian gas from 2008 to 2024 driving new gas export projects, like Woodside’s Scarborough gas export project. Scarborough’s lifetime climate impact is about the same as every flight in the world for a calendar year! - Australian gas is derailing Asia's renewables transition
Japanese and Korean companies are mostly re-selling Australian gas to Southeast Asia, deepening the region’s fossil fuel reliance and derailing its renewables transition. Over 99% of the region’s wind and solar potential remains untapped. - Australia doesn't need new gas
80% of Australian gas is exported and Japanese buyers have so much gas they are re-exporting to other Asian countries for massive profits. Existing gas projects to 2035 can power Australia for another 64 years. - New gas is about corporate profits
Last year alone, Japanese companies resold up to $14 billion of Australian gas with profits likely exceeding $1 billion. - Rising gas prices = rising power bills
Australian households are facing rising power bills. Why? In Adelaide, Brisbane, Sydney and Victoria gas market prices have tripled since 2011! It’s no coincidence – since LNG exports began, Australia’s domestic gas prices have tripled.