Unlocking Asia-Pacific as a First Mover 2025

–Develop a credible book-and-claim system, enabling producers to generate tradeable certificates for each tonne of clean commodity. Strengthen regional trade partnerships As critical markets in China, Korea and Japan decarbonize and develop national ETSs, Australia has a significant opportunity to ramp up green iron exports before rivals muscle in on the trade. Actions should include the following: –Treat green iron as a two-way trade and investment opportunity that enables shared growth across Asia. –Agree a regional carbon price with Asian partners, initially limited to green iron and steel. In time this could develop into full alignment of national ETSs and an Asian version of Europe’s CBAM. –Build on regional momentum: in late 2024 China extended its ETS to include steel, while Japan is moving to a mandatory ETS in 2026; in July 2025, the government agreed to establish a policy dialogue on steel decarbonization with China. –Bilateral cooperation with India and Singapore would boost exports of iron ore and ammonia decarbonized with green hydrogen. Investing in green corridors from Pilbara to China – including safe bunkering infrastructure, regulation and workforce training – is essential.Action 5 Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 48