The Superpower Institute (TSI) welcomes the Western Australian Government’s recently announced focus on creating a green iron and steel industry in WA.
This announcement strongly aligns with TSI’s advocacy around decarbonising Australia’s exports and creating a $400 billion export industry with green iron.
Research by TSI, released in May shows that Western Australia is critical to realising Australia’s green iron opportunity, showing that Geraldton, Kwinana and the Pilbara all have major roles to play in building a new $400 billion annual export industry - one that could replace fossil fuel revenues and secure thousands of regional jobs.
Geraldton and Kwinana stand out as strong early contenders, with opportunities to use Pilbara ore in Western Australia and Queensland.
The groundbreaking research reveals that with soundly-based government policies that address market failures, green iron produced in Australia can compete with fossil fuel based iron production.
This report builds on research in The New Energy Trade, which demonstrates Australia’s comparative advantage in green exports, including green iron. At full scale, green iron exports could exceed the current value of iron ore exports by a factor of four, delivering long term economic prosperity.
Rod Sims, Chair of The Superpower Institute said:
“The announcement by WA Premier Cook is a strong step to develop the green steel and green iron industries in WA.
“While the focus is on green steel in WA’s government funded infrastructure projects, this will create market confidence in building out WA’s green iron industry.”
