Victoria, Australia approves AUD 700 million gas project

The Australian state of Victoria has approved a production license for a A$1 billion gas project to address an anticipated gas shortage. According to a government announcement, GB Energy Pty Ltd's Golden Beach gas project will begin producing gas in 2028, with storage facilities coming into operation a year later. The facility will increase the state's gas storage capacity by about 70%. Forecasts show that Australia's densely populated east coast will face a domestic gas supply gap by the end of this decade. Industry and government regard gas as a backup energy source when wind and solar power output is insufficient. Climate organizations say the approach could hinder the country's ability to meet its emissions targets.