The Superpower Institute welcomes announcements today to secure the future of the Whyalla Steelworks and government support necessary to realise the incredible green iron and steel opportunities in Australia.
“The green iron and steel opportunity for Australia is enormous, with our analysis estimating export income of up to $400 billion at full scale,” said CEO of The Superpower Institute Baethan Mullen.
“The federal government’s announcement of a $1bn Green Iron Investment Fund is a crucial and economically sound investment in that future.”
The Superpower Institute has produced independent research and policy recommendations throughout the past 12 months, focused on government’s role in realising the green iron opportunity by:
- supporting innovation and investments by early movers which will deliver important knowledge for others
- contributing funding to green production technologies to level the playing field in the absence of carbon pricing
- Investing in critical multi-user infrastructure such as electricity transmission and hydrogen storage
“Early movers and innovators will deliver important lessons for others, paving the way for expanded private investment. Government support for the first few green iron projects positions Australia to seize the immense economic opportunities of global demand for lower-emissions iron and steel,” said Mr Mullen.
“Whyalla can play a key part in Australia’s green iron and steel future. It is proximate to key iron ore deposits, is near excellent solar and wind resources, and has the community and the workforce that can help make it a success.”
