The economy of the Northern Territory summary

The economy of the Northern Territory is very young, having only recently started to develop and diversify. Due to expansion, development has a more significant environmental impact, including increasing greenhouse gas emissions (GHG). The Territory must contribute to global and national efforts to mitigate climate change and adapt to its consequences. Additionally, the Territory is faced with possibilities provided by climate change responses. The Territory’s government, business sector, and residents must collaborate to overcome obstacles and exploit opportunities.
Due to the country’s emerging economy, small population, remote communities, agricultural concentration, and low level of land clearance. Currently, the Northern Territory contributes for 3% of Australia’s total GHG emissions. Emissions will continue to grow in the following decades due to increased LNG output from the Ichthys project and anticipated expansion of the onshore gas sector.
However, providing a low-carbon fuel like gas creates opportunities to grow our economy and contribute to national and worldwide emissions reductions. Our gas customers reduce their emissions by utilizing gas to produce electricity. As Territorians, we have the potential to manage our economy and environment in ways that both decrease our GHG emissions and provide significant social and economic benefits. By taking early action to reduce GHG emissions wherever feasible (mitigation) and reacting to the effects of climate change that are already happening, we may develop new methods and strengthen our communities and economy (adaptation).

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