Asia eyes Australia blueprint as $100 billion oil, gas clean-up looms By Reuters – Investing.com
Asia eyes Australia blueprint as $100 billion oil, gas clean-up looms By Reuters – Investing.com
By Sonali Paul
MELBOURNE (Reuters) - Australia has passed legislation that could set a precedent for who pays to clean up the fossil fuel industry in Asia, making former owners of oil and gas fields responsible for the costs of dismantling facilities if later owners fail.
The new law provides a blueprint for governments tussling with the oil and gas industry over the removal of hundreds of obsolete energy facilities, particularly as the world moves to a lower-carbon economy.
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