Ann: Half Year 2024 Exceptional Items Update, page-20

I believe this is what Ross Garnaut and Rod Simms are trying to target within their Super power institute. They believe we have adequate land to produce enough renewable energy to make our own green steel cement etc. rather that transport the raw materials such as iron ore to China for manufacturing. The cheaper renewables would make it profitable to do it here instead thus opening up greater wealth for Australians. The carbon border adjustment mechanism being introduced in the EU is the start of penalising the high carbon footprint of certain imported goods and would give Australia a greater share of trade in the EU with these greener produced cheaper products.

The concentration of nickel production in Indonesia run by the Chinese would be hit with these taxes because of the wanton environmental damage and pollution they cause. Our higher purity nickel sulphide ultimately produced into nickel sheet in Australia using renewables would then become a more economic process. I think BHP and RIO already recognise this and although we will still use coal and gas in the interim. pilot trials are already planned or in progress to phase these fossil fuels out. This is why Twiggy has gone hard down the hydrogen path, he realises we need to produce green steel in Australia along with other products, for the big miners to remain viable in the future. I honestly can't see BHP sitting on the sidelines watching it all go to hell, they will form part of a newer industry initiative.