Others were more cautious, pointing out that book-and-claim is complicated, requiring additional carbon accounting knowledge and middlemen such as loggers of certificates. This makes it more expensive, more difficult to track and more likely to be viewed as greenwashing. They argued that credits should be tightly tied to physical green iron production and use, adding that generic offsets should not be passed off as steel sector decarbonization. One solution proposed was to use “attribute separation with guardrails” to close the bankability gap. Ensuring projects deliver tangible benefits for communities and land custodians Workshop participants argued strongly in favour of co-developing projects with Traditional Owners to improve the chances of long-term success and social licence. Equally, they warned about the risks of community fatigue and opposition associated with failing to build trust among First Nations and local communities. Local concerns range from land-use conflicts and water availability to impacts on health and the environment – as well as ensuring that projects deliver tangible local benefits such as improved infrastructure, education and jobs. Heavy industrialization around Whyalla, for example, has met with local community opposition, due to potential impacts on sensitive coastal ecosystems. In Queensland, communities raised concerns about investment associated with Hydrogen Park Gladstone impacting the future of local healthcare, housing and liveability.111 Recommendations from an earlier workshop held by Greenhouse in Gladstone include the need for a regional coordinating body to address community fatigue, mistrust and expectations around tangible benefits accruing from new industrial investment There is often strong local support for green iron projects and the local jobs, enhanced skills and economic development they can deliver; but the benefits must be equitably shared. Trust must be built and maintained – and this in turn rests on community engagement that is early, deep and continuous. As one participant reflected: “community trust must be earned every day”.In South Australia, the government passed its Hydrogen and Renewable Energy Act in 2023 to ensure such projects would be “developed in a socially and environmentally sustainable manner that responsibly addresses Native Title rights and Aboriginal interests”.112 Meanwhile in December 2024, the federal government published its First Nations Clean Energy Strategy (2024-2030), which calls for meaningful negotiation and sincere partnerships “to maximize the enormous, nation-wide potential for First Nations peoples to benefit from the clean energy transformation”.113 Skills development and the just transition Green industrial development is fundamentally a “people problem”, said one participant. Successful deployment requires attention to local communities, jobs, workforce skills and industrial relations. Automation and capital-intensive projects alone are insufficient – human capital, social impact and community support are crucial for sustainable long-term outcomes. Community benefit-sharing agreements need to be standardized and simplified, to ensure just transition goals. Current shortages in technical talent – such as metallurgists, hydrogen engineers, process operators – are a constraint. Without dedicated training, green iron projects may be delayed even if capital is in place. In its 2024-25 budget, the government committed ~AU$600 million to developing clean energy skills as part of its Future Made in Australia (FMiA) agenda (see Appendix).114Engaging with local communities and boosting skills development Securing and realising the benefits of First Nations peoples’ participation in the emerging new economy serves to secure a flourishing net zero Australia… Even today, our people experience energy poverty and energy reliability issues unknown by most other Australians. For Australia to have a just transition, this must be addressed. First Nations Clean Energy and Climate Change Advisory Committee110 Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 38

Unlocking Asia-Pacific as a First Mover 2025