CANBERRA, Nov. 20 (Xinhua) -- Renewable sources could produce as much as 50 percent of Australia's energy supply, according to a report by the nation's chief scientist released on Monday.
The report, released by Australia's chief scientists Alan Finkel and the Australian Council of Learned Academics (ACOLA), found that Australia's energy supply would become less reliable until better storage systems were developed.
In addition to battery storage, for which Australia possesses the necessary raw mineral resources, the report identified spinning reserves in wind turbines and fast-start gas turbines as alternative methods of energy storage.
"This report clearly shows the two sides of the coin -- that energy storage is an enormous opportunity for Australia but there is work to be done to build consumer confidence," Bruce Godfrey, lead author of the report from ACOLA, said in a media release.
Finkel said that Australia was well-placed to become a leader in renewable energy storage in the Asia-Pacific region.
"Given our natural resources and our technical expertise, energy storage could represent a major new export industry for our nation," he said.
"Energy storage is an opportunity to capitalize on our research strengths, culture of innovation and abundant natural resources.
"We have great advantages in the rapidly expanding field of lithium production and the emerging field of renewable hydrogen with export opportunities to Asia."
The report was released ahead of a meeting of Australia's state and federal energy ministers to discuss Prime Minister Malcolm Turnbull's National Energy Guarantee (NEG).
The NEG would guarantee that between 28 and 36 percent of power would be produced by renewable sources by 2030.
