Future Made in Australia Act 2024 In May 2024, Prime Minister Anthony Albanese announced his government’s new Future Made in Australia agenda: “Our plan will maximise the economic and industrial benefits of the international move to net zero and secure Australia’s place in a changing global economic and strategic landscape.”40 Foundational to this vision is Australia’s ambition to become a “renewable energy superpower”.41 The Future Made in Australia Act prioritizes federal support for net-zero industries where Australia will have a comparative advantage and commits AU$22.7 billion over the next decade to boost Australia’s green industrial sector.42 Federal support for the production of green iron and green hydrogen is summarized in Box 4. For more details, see Chapter 4.2.Transitioning to net zero is fundamentally disrupting the global iron and steel industry. Many decarbonisation technologies would decouple iron making from steel making processes. This could see iron making becoming positioned close to locations that are rich in renewables resources and able to competitively produce renewable hydrogen, with decarbonised iron exported to steel making locations. Government of Australia, Industry Sector Plan: September 2025 Australian government funding for green iron and hydrogen – summary BOX 4 Future Made in Australia Innovation Fund: AU$750 million available as grants to innovative green metal projects, administered by the Australian Renewable Energy Agency (ARENA).43 Green Iron Investment Fund: AU$1 billion of grants to de-risk first movers and anchor private investment. Half is earmarked to transform Whyalla Steelworks; half is for projects looking to operationalize by March 2031.44 Hydrogen HeadStart Program:~AU$2.7 billion available for renewable/green hydrogen and derivatives (e.g. green ammonia, methanol).45Hydrogen production tax incentive: AU$2/kg of renewable hydrogen produced between 2028 and 2040. Net Zero Fund: AU$5 billion available under the National Reconstruction Fund (NRF) to support low-emissions technologies (e.g. green metals, batteries, hydrogen value chains).46 Clean Energy Finance Corporation (CEFC): AU$32.5 billion available as concessional debt or equity to de-risk projects decarbonizing energy generation and heavy industry. Role of export markets and certification Workshop participants highlighted that – given the lack of domestic demand for green iron and steel – Australia’s export strategy is critical to the long-term success of the industry. However, they noted that the country lacks a holistic industrial strategy that connects its nascent green hydrogen and green iron industries with its export corridors, especially to China Japan and Korea. For a more detailed analysis of Australia’s green iron export opportunity, see Chapter 4.5. Participants also called on the government to ensure its green metals strategy aligns clearly with international certification frameworks, such as those produced by the International Standards Organization (ISO). This is discussed in more detail in Chapter 4.3. Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 18

Unlocking Asia-Pacific as a First Mover 2025