Transporting a bulk commodity such as iron ore involves heavy assets, including mega-trucks to shift the commodity from mine to plant, railways to convey export-quality ore to ports and – for Australia’s export-bound iron ore – colossal 1,000-ft Newcastlemax bulk carriers to ship it the ~6,500 km from Pilbara to East Asia. International shipping and heavy-duty trucking in particular remain high-emitting sectors, given their ongoing dependence on fossil fuel power. In 2024, Australia exported over 860 million tonnes of iron ore to East Asia, mainly China (see Box 5). Analysis published in August 2025 by the Australian National University and Curtin University estimates that shipping Australia’s iron ore to China accounts for ~10.8% of the lifecycle emissions (2.05 tCO2/t) of crude steel manufactured in China from Australian ore using the traditional BF-BOF process.54 Challenges for the supply chain include both the technological and economic feasibility of near-zero emissions transportation capable of transporting millions of tonnes of ore; and the regional policy- related challenges of creating green corridors with the supporting infrastructure necessary to decarbonize both road and sea transport. 3.1 The scale of the challenge and the opportunity Australia is often seen as the “end of the corridor” geographically — but with stronger coordination and visibility, that position could become a strategic advantage. Lauran Huefner, Chief Executive Officer, South Australian Hydrogen Hubs Western Australia’s iron ore exports and global comparisons – fast facts (2023) BOX 5 Global iron ore suppliers: –Western Australia (WA): 949 million tonnes (38% of global supply) –Brazil: 440 million tonnes –China: 280 million tonnes –India: 270 million tonnes –Russia: 88 million tonnesTop destinations for iron ore exported from WA: Chinese mainland: 747 million tonnes (85% of WA export volumes) Japan, South Korea and Taiwan, China: 115 million tonnes (13% of WA export volumes) Rest of the world: 20 million tonnes (2% of WA export volumes) Source: Government of Western Australia.55 Decarbonizing the road and sea transport of Australia’s iron ore offers the opportunity not only to deliver green iron that is “truly green”, but also to generate demand for the broader decarbonization of the whole transportation sector, including deployment of zero-emissions trucks and the clean fuel/electricity production and infrastructure needed to support them. Decarbonizing transportation would also provide a supply-side option for the growing number of buyers and cargo owners concerned enough about their scope 3 emissions to include low-carbon transport options in their procurement criteria. While such demand is nascent among iron ore buyers, there have been clear demand signals for zero-emissions maritime freight from consumer goods companies, for example through the launch of the First Movers Coalition in 2021. In the same year, the Cargo Owners for Zero Emission Vessels (coZEV) published their 2040 ambition statement, in which nearly 30 signatories supported the transition to ZE solutions for international shipping on a 1.5°C-aligned trajectory. This work is now being carried forward by the Zero Emission Maritime Buyers Alliance (ZEMBA), which is considering expanding its focus beyond container shipping to cargo.56 However, transitioning to new fuels will require major new infrastructure at ports and depots to accommodate various fuel types – whether ammonia, biofuel and methanol for ships, or biofuel, electricity and hydrogen for trucks. Types of ships and trucks, along with their fuel compatibility, will influence these infrastructure needs – particularly at ports that export from Australia as well as those importing from East Asia. Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 21

Unlocking Asia-Pacific as a First Mover 2025