How Australia can win at green steel
With the world racing to decarbonise steelmaking, Australia could play a leading role – and even reignite onshore manufacturing. But the window of opportunity is narrowing.
If Australia is to take full economic advantage of the world’s long-term transition to net zero, it must play a leading role in unlocking a crucial puzzle – decarbonising the production of steel.
Success would mean a win for Australia on multiple fronts. By leveraging the country’s vast potential for low-cost renewable energy, Australia can abate carbon emissions on our largest export commodity – iron ore.
And instead of just digging and shipping iron ore and coking coal to steel factories overseas, Australia just might eventually capitalise on growing demand for zero-carbon goods and raw materials to restore its domestic steelmaking industry to its former glory.
But the window of opportunity is narrowing. Plenty of other countries are in the green steel race and Australia risks getting locked out of future export and investment opportunities if it lags behind.
