Posted on : 26-06-2023 | Author : Esmarie Iannucci
Australia has maintained its position as a global leader in the energy supply chain, according to Geoscience Australia's 2023 assessment of Australia's Energy Commodity Resources (AECR 2023). The report highlights Australia's significant non-renewable energy resources, including gas, oil, uranium, and coal, as of the end of 2021. Australia remains one of the world's largest exporters of liquefied natural gas (LNG), metallurgical coal, thermal coal, black coal, brown coal, and uranium. The country accounted for 8% of uranium commodities, 7% of coal commodities, and 4% of gas commodities in global energy production in 2021. With 85% of Australian-produced energy being exported, there is also a growing focus on clean energy projects to meet the increasing demand for net-zero energy sources both domestically and globally. Australia's Minister for Resources and Minister for Northern Australia, Madeleine King, emphasized the country's commitment to achieving net-zero emissions by 2050 and the growing investment in clean energy initiatives, such as carbon capture and storage (CCS) and hydrogen projects. The report indicates a 10.4% increase in Australia's renewable energy production in 2021, despite the impact of the Covid-19 pandemic on energy commodity production and export. Australia's future hydrogen production and CCS potential are also being explored through various programs, including mapping potential hydrogen storage sites and identifying CCS potential. These efforts aim to secure diverse energy resources, ensure energy security, and decarbonize the Australian economy.