<div>Australia’s Energy Commodity Resources (AECR) 2024 provides estimates of Australia’s energy commodity reserves, resources, and production as at the end of 2022. The 2024 edition of AECR also includes previously unpublished energy commodity resource estimates data compiled by Geoscience Australia for the 2022 reporting period. The AECR energy commodity resource estimates are based primarily on published open file data and aggregated (de-identified) confidential data. The annual assessment provides a baseline for the production and remaining recoverable resources of gas, oil, coal, uranium and thorium in Australia, and the global significance of our nation’s energy commodity resources. The publication also presents chapters on the status of emerging clean energy resources in Australia, including geothermal, carbon capture and storage (CCS) and hydrogen.</div>

<div>Steelmaking value chains are economically important to Australia, but the need to decarbonize traditional steel-making processes could disrupt existing supply lines. Hydrogen-based iron and steel production offers one pathway for reducing the carbon intensity of steel. Here, we present maps assessing the costs of hydrogen-based direct reduction of iron oxides (to produce hot briquetted iron), optionally coupled with steelmaking in an electric arc furnace (i.e. the H2-DRI-EAF value chain). Developed as part of the Exploring for the Future program and in collaboration with Monash University, these models build off the functionality of the Green Steel Economic Fairways Mapper (beta release), with additional enhancements to the modelling algorithm to reflect constant furnace operation, the incorporation of costings to transport the produced hot briquetted iron or steel to domestic ports, and the optimisation of facility capacities. The capacity of facilities (including solar and wind generation, proton exchange membrane [PEM] electolysis, battery storage, and hydrogen storage tanks) are determined by the 1 Mtpa production target and the local availability of renewable energy resources, as modelled according to 2019 data sourced from the Renewables.Ninja (https://www.renewables.ninja/; Pfenninger & Staffell, 2016; Staffell & Pfenninger, 2016). The high-resolution (approximately 5.5 km pixels) maps reflect our preferred technology cost assumptions (see Wang et al., 2023) for the year 2025. Iron concentrate feedstocks are assumed to cost AU$150 per tonne, reflecting approximate costs for 65 % Fe pellets as derived from magnetite ores. Conversions to USD assume US$1.00 = AU$0.73.</div><div><br></div><div>Geoscience Australia's Exploring for the Future program provides precompetitive information to inform decision-making by government, community and industry on the sustainable development of Australia's mineral, energy and groundwater resources. By gathering, analysing and interpreting new and existing precompetitive geoscience data and knowledge, we are building a national picture of Australia's geology and resource potential. This leads to a strong economy, resilient society and sustainable environment for the benefit of all Australians. This includes supporting Australia's transition to a low emissions economy, strong resources and agriculture sectors, and economic opportunities and social benefits for Australia's regional and remote communities. The Exploring for the Future program, which commenced in 2016, is an eight year, $225m investment by the Australian Government.</div>

<div>Hydrogen is expected to be a key driver of the globe’s transition to net zero. &nbsp;</div><div>Australia is investing significantly, across government and business, as it pushes towards scalable and cost-effective hydrogen production. The Australian Government wants to develop and cultivate the domestic hydrogen industry to become a hydrogen superpower – exporting clean energy across the globe. With current expectations that the hydrogen industry could add an additional $50 billion to Australia’s GDP, the industry presents a great opportunity to support economic growth as Australia transitions to net zero (DCCEEW, 2022a). &nbsp;</div><div>However, much of hydrogen production remains unproven commercially at the necessary scale and there are still a lot of unknowns about how to effectively build this industry in Australia. &nbsp;</div><div>Geoscience Australia (GA), as Australia’s national geoscience agency, is undertaking precompetitive geoscience data and analysis to support the hydrogen sector. This includes conducting research and data analysis to lower the risk of exploration for natural hydrogen and salt caverns, the development of tools to support decision-making by hydrogen producers, and economic assessments into the feasibility of green steel production.&nbsp;</div><div>The economic benefits of precompetitive geoscience data and analysis for the hydrogen industry Deloitte Access Economics (DAE) was engaged to identify, quantify and, where possible, monetise the economic benefits of GA’s work across four case studies. &nbsp;</div><div>As hydrogen is a nascent sector, there is little to no current commercial activity. This limits the ability to estimate the full extent of the economic benefits of GA’s work. As the hydrogen industry matures over the next five years, we expect more economic benefits will be realised, particularly as tenement uptake translates into hydrogen production. &nbsp;</div><div>Through analysis of four current case studies, it is evident that GA’s work is providing clarity and confidence to support large-scale investment decisions. Overall, GA’s work has the potential to deliver Australia an important competitive advantage and fast-track development of the local hydrogen industry. &nbsp;</div><div>Hydrogen Economic Fairways Tool (HEFT): found to enable timely and informed decision-making and lower the risk of investing in, and entering, the hydrogen industry. Specifically, the tool provides significant efficiencies for hydrogen companies, saving $30,000 to $50,000 per prospective project in time and reduced due diligence costs. &nbsp;</div><div>GA research on natural hydrogen: expected to have stimulated tenement uptake activity in South Australia, to explore for natural hydrogen. If even just one tenement was taken up as a result of GA’s data, it could be associated with economic benefits of around $22 million to the hydrogen industry, over a ten-year period (2022-23 to 2031-32). &nbsp;</div><div>GA research on salt cavern storage: hydrogen storage can be prohibitively expensive, which can stall the development of hydrogen projects. GA’s research highlighted salt caverns as a cheaper alternative. If just one industry player switched from conventional gas storage to salt caverns, salt cavern storage could lower the cost by $208 million, over ten years. In addition, salt cavern storage could avoid the loss of $4.1 million worth of hydrogen over the same period (2022-23 to 2031-32). &nbsp;</div><div>The techno-economic assessment of green steel production: GA’s research identified cost-effective locations for green steel production, which could be competitive with conventional steel at a carbon price of $148 per tonne of carbon dioxide&nbsp;</div><div><br></div><div><br></div>

<div>Global steel demand is forecast to grow in the coming decades with continued development across Asia and Africa. Over the same period, the International Energy Agency suggests that the carbon intensity of steel production will need to decrease rapidly to align with projected pathways to net zero emissions by 2050. Balancing these competing priorities is a challenge that could shift global steelmaking business models. With abundant resources of both iron ore and metallurgical coal, Australia has benefited significantly from traditional steelmaking value chains. In the face of potential disruption, how should Australia navigate the challenges and opportunities accompanying the transition to ’green’ steel? How can geoscience help to identify and leverage Australia’s specific advantages?&nbsp;</div><div><br></div><div>The Green Steel Economic Fairways Mapper is a free, online tool that models the costs of hydrogen-based green ironmaking and steelmaking and maps how these costs vary across Australia. Developed through collaboration between Geoscience Australia and Monash University, it represents a novel approach to model multiple interconnected resource facilities. Following the Economic Fairways approach, the Mapper combines large-scale infrastructure and geoscience datasets to provide a high-level, geospatial analysis of the economic viability of hypothetical green steel projects. In doing so it creates a new capability within Australia—filling the void before the detail and expense of feasibility studies—to understand the broad contours of the decarbonization challenge, and to inform early-stage decision making in the pursuit of low-carbon steel. In this seminar, we introduce the Green Steel Economic Fairways Mapper, demonstrate its capabilities, and discuss some of the insights it reveals.&nbsp;</div>