Australia's annual energy resources stocktake has been released.

Geoscience Australia has unveiled its annual assessment of the nation's energy resources, which it says supports Australia's place as a pivotal global energy exporter and a frontrunner in low-carbon technologies.

The 2024 edition of Australia’s Energy Commodity Resources (AECR) report provides an in-depth analysis of the country’s non-renewable energy resources, covering natural gas, oil, coal, and uranium for the year 2022. 

The report also highlights emerging opportunities in the geological storage of carbon dioxide and hydrogen production and storage, essential for the transition to net zero emissions.

Dr James Johnson, CEO of Geoscience Australia, has noted the abundance of Australia's energy resources. 

“At the end of 2022, Australia was ranked the world’s largest exporter of metallurgical coal and the world’s second largest exporter of gas,” Dr Johnson said. 

“Perhaps what’s most exciting is the expansion of projects enabling the energy transition.”

The AECR 2024 report reveals that as the world moves towards net zero emission targets, clean energy projects are proliferating across Australia. 

“Australia's hydrogen industry is going from strength to strength with a pipeline of projects valued over $200 billion in 2023. As well as 76 major hydrogen projects nationally – a 70 per cent increase since 2022,” Dr Johnson said.

In 2022, the Australian Government issued five permits for offshore greenhouse gas storage and is currently evaluating bids for an additional ten areas. 

Furthermore, the AECR report includes, for the first time, information on the status of geothermal energy in Australia, reflecting a recent uptick in permit applications.

Alongside the growth of these clean energy initiatives, the Australian Government is investing $3.4 billion in precompetitive geoscience over 35 years under the Resourcing Australia’s Prosperity initiative. 

This investment will enable Geoscience Australia to map the nation's natural resources and accelerate the discovery of resources.