Australia could supply 20% of global green iron by 2050, producing 310 million tonnes annually. This would generate $103 billion annually for the economy and support 27,500 direct jobs.
Green iron production could reduce global emissions by 1.7%, exceeding Australia’s current emissions (1.2% of global emissions). The steel industry accounts for 6–9% of global CO2 emissions.
Australia enjoys key competitive advantages in green iron production including: low-cost solar and wind leading to potentially low costgreen hydrogen, extensive iron ore reserves, the capacity to co-locate elements of the production chain for efficiency
If Australia becomes a significant global green iron producer it would significantly reduce reliance on China (85% of current iron ore exports) by opening up markets in Southeast Asia, Africa, and other emerging markets."
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