Critical Summary - Academic Communication in Science - Book Report/Review Example

Australia’s Energy Resources and Market Main Purpose The main purpose of the Australia’s Energy Resources and Market section is to summarize the nature of the energy resources that the country has. Thus, the section makes it easy to understand the nature of the energy sources that the country has, and the extent to which these resources are developed and exploited. In addition, the purpose of the report is to create awareness of the future energy potential of Australia, with information related to the new discoveries in energy resources also being provided.

Finally, the purpose of the report is to clarify the nature of the energy markets in Australia, based on the nature of demand, supply and also investment. BackgroundAustralia is a country that has vast deposits of coal resources that is adequate to cover for the energy needs of the country in electricity production, and the excess becomes exported to the foreign markets (ABARE, 2010:12). In addition, the country has a diverse energy resource base that comprises energy minerals, renewable energy sources and fossil fuels.

The energy resources that Australia exports to the foreign market are uranium and gas. On the other hand, the country is increasingly reliant on the importation of crude oil, as a source of energy, since it does not have sufficient oil deposits (ABARE, 2010:9). The energy sources that constitute renewable in Australia include wind energy, solar energy, geothermal, ocean and hydro-energy sources, all of which are extensively developed (ABARE, 2010:10). Summary of key finding Australia currently stands as the twentieth largest energy market globally (ABARE, 2010:9).

The country holds as estimated 38% of the total global uranium deposits, while also holding 9% of the world coal resources, and 2% of the global natural gas resources (ABARE, 2010:9). Due to its high energy resources endowment, the currently plays an important role in the supply of energy to the global energy market. The demand for the energy in Australia continue to grow both from the domestic and the foreign markets, where the renewable sources of energy are poised o play a more increasing energy supply role in Australia in the future, compared to the other fossil fuel sources of energy.

The prediction is that by the year 2030, 14% of the total global primary energy demand will be constituted by renewable energy (ABARE, 2010:17). This is highly informed by the government initiative targeting the reduction of emission gases in Australia, while also increasing the clean energy consumption. The potential for renewable energy resources that have not been fully exploited in Australia is large, with the country holding higher potential for the development of both solar and geothermal energy, which rank among the best in this energy category globally (ABARE, 2010:10).

Significance statement Australia is an important country in the supply of the energy to global energy markets. Its significance is poised to increase further, owing to the continued discovery of more energy resources, while the potential for developing the already discovered resources, especially renewable sources of energy, is high. In this respect, there is no global energy conversation that can be held, with the exclusion of Australia. ReferenceAustralian Bureau of Agricultural and Resource Economics (ABARE). (2010). Australian Energy Resource Assessment.

Commonwealth of Australia.1-358.