The proposal would seek to:

• streamline processes for gas title transfers – both offshore and onshore projects
• strengthen arrangements for the consideration of the national interest in approvals, requiring deep consideration of the economic and social benefits of projects
• reinstate carbon capture and storage in the investment mandates of Commonwealth funding vehicles, including the Clean Energy Finance Corporation
• introduce “use it or lose it” provisions for offshore gas tenements that would encourage permit or lease holding entities to develop their gas fields within a specified time frame and stop “tenement banking”
• include gas in the Capacity Investment Scheme (CIS), which currently only includes investments into renewable energy generation and clean dispatchable capacity.

The proposal would be ongoing and start on 1 July 2025.