Government priorities

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International Energy Agency (IEA)

The Department of Industry, Science, Energy and Resources leads Australia’s engagement with the IEA and is an active participant in its diverse work program.

The IEA is an autonomous intergovernmental organisation based in Paris that works to ensure reliable, affordable and clean energy for its 29 member countries and beyond. Australia signed the Agreement on an International Energy Program (IEP Treaty) in 1979, becoming a member of the IEA.

As an IEA member and signatory to the IEP Treaty, Australia is required to hold oil stocks equivalent to at least 90 days of the previous year’s average daily net oil imports. The department is working to implement Australia’s compliance plan to address the current shortfall in oil stockholdings. The department's priorities for the IEA include:

  • working with the IEA to progress Australia's plan to return to IEP treaty compliance
  • promoting the development of efficient, transparent and competitive global energy markets to help address energy access, affordability and security challenges
  • promoting market-based development and deployment of technological solutions to reduce carbon emissions from fossil fuel use at least cost to economic growth
  • promoting effective engagement with countries in the Asia-Pacific
  • contributing to a strong IEA reform and modernisation agenda

As announced by the Honourable Minister for Energy and Emissions Reduction, Angus Taylor, on 22 April 2020, the Australian Government has committed $94 million dollars to purchase, transport and store oil. A commercial process is under way to purchase the oil, which will initially be held in the Strategic Petroleum Reserve (SPR) in the United States. A leasing agreement for the SPR was signed between the two nations on 3 June 2020.

This builds on an arrangement the Australian Government entered into with the United States in March 2020, that allows Australian-owned stocks held in the SPR to be counted toward Australia’s compliance with the IEA’s 90-day stockholding obligation. 

IEA In-Depth Review of Australia’s Energy Policies

The IEA periodically conducts extensive analysis of member countries’ energy policies. These In-Depth Reviews provide valuable insights to guide domestic policy development. On 15 February 2018, the IEA released the In-Depth Review of Australia’s Energy Policies, which provides a comprehensive expert assessment of Australia’s energy landscape.

In-Depth Review of Australia’s Energy Policies (executive summary and full report)

International Partnership for Energy Efficiency Cooperation (IPEEC)

IPEEC has 10 task groups, which includes the Buildings Energy Efficiency Taskgroup (BEET) co-chaired by Australia and the USA. BEET is a collaborative platform for countries to research, inform and support the development and implementation of effective building energy efficiency policies, with a core focus on building rating systems and building codes. Nine BEET reports have been commissioned to date to assist energy and building policy makers to better understand international experience in effective policies to improve building energy efficiency.

  • BEET 1 – Building Energy Rating Schemes – Assessing Issues and Impacts
  • BEET 2 – Opportunities for International Collaboration
  • BEET 3 – Delivering Energy Savings in Buildings – International Collaboration on Building Energy Code Implementation
  • BEET 4 – Building Energy Performance Metrics – Supporting Energy Efficiency progress in Major Economies
  • BEET 5 – International Review of Residential Buildings Energy Efficiency
  • BEET 6 – Existing Building Energy Efficiency Renovation – International Review of Regulatory Policies
  • BEET 7 – Zero Energy Building Definitions and Policy Activity – An International Review
  • BEET 8 – Energy Company Obligations - Examples of Delivering Energy Efficiency in Buildings and Future Trends
  • BEET 9 – Building Energy Performance Gap Issues – An International Review

All 9 reports are available here.

More information

International Energy Agency

COVID-19 International Energy Agency

Organisation for Economic Co-operation and Development

Remarks at signing of US-Australia Strategic Petroleum Reserve Lease Agreement - Parliament House, Canberra The Hon Angus Taylor, Minister for Energy and Emissions Reduction