Preface The First Movers Coalition (FMC) is the world’s largest private-sector demand signal for deeply decarbonized industrial products. Currently encompassing seven “hard-to-abate” sectors responsible for 30% of global emissions, FMC counts more than 100 active members who have committed to $19 billion of clean demand per year, equating to 26 million tonnes of annual emission reductions by 2030. The coalition also counts 14 governments as members, including the Australian Government. Regional engagement is a cornerstone of FMC’s work, with workshops convened in India, Brazil, South Africa, the United States, Japan and Australia, and an upcoming session planned for East Asia in early 2026 to advance regional pathways for industrial decarbonization. In August 2025, the FMC hosted a landmark two- day workshop in Adelaide to unlock Australia’s potential as a first mover in green iron and position the Asia-Pacific region as a leader in clean industrial exports. The workshop, supported by Boundless Earth and co-hosted with Greenhouse, brought together more than 150 senior leaders from business, government, finance, philanthropy, academia and NGOs. The workshop’s timing was highly pertinent. A month earlier, Prime Minister Anthony Albanese met with China’s President Xi Jinping where both sides agreed to establish a new policy dialogue on steel decarbonization. A few weeks after the workshop, the Australian Government announced its new climate target to reduce emissions by 62-70% by 2035. Australia has compelling strategic, commercial and climate reasons to transform its iron ore industry into a global low-carbon leader. Green iron would help hedge against the risk of falling revenues from coal and gas – its other major export earners – as key markets in East Asia head towards net zero. It has the potential to double Australia’s current iron ore export revenues. And it could abate up to 4% of global emissions by mid-century – four times Australia’s emissions today. But with low-carbon competitors crowding in and climate impacts mounting, the window is closing fast. The workshop highlighted the urgent opportunity for government and private sector to work towards securing financial close on one or two commercial-scale “Lighthouse” green iron projects by the end of 2027. As Australia pivots towards its new climate ambition and seeks to demonstrate leadership by COP31, this inspiring goal has the potential to position the country as a key global actor in the net-zero economy. This report outlines pathways for public and private sector actors to seize the opportunities of green iron and overcome key challenges. Informed by the insights of workshop participants and wide-ranging research, it shows how Australia in partnership with the Asia-Pacific region can move towards a more prosperous, resilient and net-zero industrial future.Noam Boussidan Programme Head, First Movers Coalition, World Economic Forum Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron OpportunityNovember 2025 Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 4

Unlocking Asia-Pacific as a First Mover 2025