Unlocking Asia-Pacific as a First Mover 2025

Japan October 2023: JBIC-CEFC MoU – Japan Bank for International Cooperation (JBIC) agreed to work with Australia’s Clean Energy Finance Corporation (CEFC) on promoting decarbonization through hydrogen and renewable energy. June 2021: Japan-Australia Partnership on Decarbonisation through Technology – to cooperate on clean hydrogen and ammonia, as well as low-emissions steel and iron ore. Korea February 2025: Australia-Korea green shipping route – an MoU to examine the feasibility of establishing a green shipping route using eco-friendly fuels, with a goal to initiate the route from 2029. December 2024: Green Economy Partnership Arrangement on Climate and Energy – a 10-year agreement to boost cooperation and mutual trade opportunities in renewable hydrogen, clean energy technologies, green metals and carbon sequestration.131 Singapore March 2024: Green and Digital Shipping Corridor – an MoU to accelerate maritime decarbonization and digitalization, aligned with IMO’s net-zero strategy, through a joint supply chain for near-zero fuels, safety training and standards, bunkering requirements and port-to-port pilot projects. October 2022: Singapore-Australia Green Economy Agreement – to promote cooperation with policies and standards, carbon markets, green finance, and low-carbon trade and investment. A3 Collaboration bodies that could promote regional trade in green iron Asia Zero Emission Community (AZEC): launched by Japan in 2023 with 11 partner countries (including Australia, but not China or Korea) to promote pathways towards “carbon neutrality/net-zero emissions” in Asia. AZEC can convene stakeholders, pilot methodologies (e.g. for emissions accounting, supply chain decarbonization) and facilitate MoUs. It could serve as a “sandbox” to test regional certifications and standards. Indo-Pacific Economic Framework (IPEF): launched by US President Biden in 2022, IPEF supports regional collaboration on supply chains, trade and the adoption of clean energy through its Clean Economy Agreement. Through IPEF, Australia is building cooperation on interoperable regional methodologies to classify and facilitate trade in low-emissions products. IPEF is also promoting regional development of renewable hydrogen and its derivatives. It aims to mobilize private sector finance to advance the region’s clean energy transition, through its Catalytic Capital Fund established by Australia, Japan, Korea and the US. Asia-Pacific Economic Cooperation (APEC): founded in 1989, this is now a 21-member regional forum for trade and economic integration, including green-growth goals through its Environmental Goods List. APEC promotes voluntary sustainability standards (VSS) and mutual recognition, supporting regional norm-setting and capacity building.132 APEC could provide a forum for developing shared definitions and cross-border frameworks for low-emissions commodities such as green iron. APEC’s Energy Working Group (EWG) has set goals to reduce energy intensity and double the share of renewables in the energy mix by 2030. EWG has also published guidance to develop low-carbon hydrogen policy frameworks in the region.133 Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 50