$566 Million Allocated for Exploration of Australia’s Abundant Untapped Resources in Pursuit of Net Zero Emissions
The prime minister emphasized that by making a significant investment in geoscience, we can accelerate our progress towards achieving net zero emissions.
In the upcoming federal budget, the federal government will allocate $566.1 million over a decade to map Australia’s new mineral resources.
More than 80% of Australia’s geological resources remain untapped, including a variety of minerals, groundwater, and energy resources.
This investment seeks to create a comprehensive mapping of Australia’s groundwater systems.
It will also support Resourcing Australia’s Prosperity (RAP) in exploring resource potential and mineral development for the next 35 years, including mapping offshore areas and potential sites for clean hydrogen projects.
Minister for Resources, Madeleine King, highlighted the resource sector’s contribution to achieving net zero emissions.
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This funding will play a critical role in guiding resources companies to discover the minerals required for driving economic growth and developing technology to reduce emissions, as mentioned in a media release.
Geoscience Australia’s precompetitive data program has led to major discoveries, including deposits of critical minerals and rare earth elements vital for clean energy technologies.
The program has seen a significant level of exploration activity, with 65 companies exploring 569 tenements covering 290,000 square kilometers.
Notable discoveries include six world-class mineral deposits in Western Australia crucial for supporting net-zero emission goals and advancing clean energy technologies.
Bolster Australia’s Pathway to Net Zero
According to Deloitte Access Economics, existing public precompetitive geoscience has contributed $76 billion to the Australian economy and created 80,000 full-time equivalent jobs in 2021-2022.
Prime Minister Anthony Albanese stated in a release, “Australia is uniquely positioned to lead the way towards a clean energy future.”
He emphasized the government’s commitment to building a secure and sustainable future for all Australians through substantial investment in geoscience to accelerate progress towards achieving net zero emissions.
The prime minister also highlighted the potential for increased public confidence in infrastructure planning and environmental assessments resulting from the mapping project, which will support the agricultural sector and create a sustainable pipeline of projects.
Farmers and members of regional and indigenous communities will gain better access to information on land and water resource management, as well as potential mining projects.
In addition to the mapping investment, the government is allocating $400 million to boost the critical minerals sector and $1 billion for solar panel manufacturing.
Tania Constable, CEO of the Minerals Council of Australia, praised the government’s investment, stating that it would enhance private investment planning.
She added, “Unveiling the first comprehensive map of Australia’s subsurface and seabed resources will unlock new opportunities for mineral development, particularly in remote and underexplored areas. The discoveries in minerals, energy, and groundwater to come will not only strengthen Australia’s journey to net zero, but also attract significant investment, create jobs, and secure essential resources for our future.”
