Canberra, May 9 (IANS): The Australian government has committed to the extraction and use of gas as a power source beyond 2050.

The governing Labor Party on Thursday announced Australia's Future Gas Strategy, setting out the role gas will play as the country pursues a net zero carbon emissions target by 2050, Xinhua news agency reported.

Prime Minister Anthony Albanese said the strategy is a necessary component for Australia to achieve net zero emissions.

"We support net zero, and gas and its firming capacity is part of assisting with that pathway to net zero," he said at a press conference.

The strategy highlights the need for ongoing exploration, investment and development in the sector to avoid a shortfall in gas supplies.

Gas currently supplies 27 per cent of Australia's energy needs and represents 14 per cent of the country's export income.

Revealing the strategy, Resources Minister Madeleine King said gas would play an important role in firming renewable power generation and in sectors where carbon emissions are hard to abate, such as manufacturing and minerals processing until alternative power sources are viable.

"Gas plays a crucial role in supporting our economy, with the sector employing 20,000 people across the country, including remote and regional communities," she said in a statement.

"The Strategy makes it clear that gas will remain an important source of energy through to 2050 and beyond, and its uses will change as we improve industrial energy efficiency, firm renewables, and reduce emissions."

According to government agency Geoscience Australia, 40 per cent of Australia's gas exports in 2020-21 were sent to China, 37 per cent to Japan and 10 per cent to South Korea.