One billion dollars has been earmarked to support green iron manufacturing in Australia.
Prime Minister Anthony Albanese said the new Green Iron Investment Fund would support early mover green iron projects and unlock private investment at scale.
Prime Minister Albanese said up to $500 million had been earmarked to support the Whyalla steelworks transformation in South Australia, with at least $500 million open to other applicants.
He said the finds would be accessible to both existing facilities and greenfield projects that could enhance Australia’s iron ore industry.
“This will create extraordinary opportunities for Australian industry where there are a range of green iron and steel ventures underway.”
Prime Minister Albanese said the competitive Fund had been designed in consultation with industry through our Green Metals Expert Panel.
“Australia is the world’s largest producer of iron ore, earning more than $100 billion in export income in 2023-24, with the wider iron and steel sectors supporting over 100,000 direct and indirect jobs.
“As well as providing more jobs and value-adding onshore, investment in green iron and steel will secure future demand for Australia’s iron ore as the world moves toward lower-emissions iron and steel.”
He said green metals were pivotal for global decarbonisation, with iron and steel production responsible for 8 percent of global emissions and iron accounting for up to 90 percent of these emissions.
“The Minerals Institute of Western Australia has found that a single green iron plant could add a cumulative $85 billion to gross domestic product, add $2.4 billion in real income per annum, and create 1540 full time equivalent jobs.
“A 2023 Accenture report suggests a green metals industry could deliver up to $122 billion a year in export revenue to Australia’s economy by 2040.”
