Unlocking Asia-Pacific as a First Mover 2025

71. Department of Climate Change, Energy, the Environment and Water, Australian Government. (2025). Driving the Nation Fund. https://www.dcceew.gov.au/energy/transport/driving-the-nation-fund. 72. Australian Renewable Energy Agency (ARENA) and AECOM. (2025). Electrifying Road Freight Pathways to Transition. https://arena.gov.au/assets/2025/07/AECOM-%E2%80%93-Electrifying-Road-Freight-Report.pdf. 73. Burgess, M. (2022). Hydrogen ‘superhighway’ to be developed across Australia’s eastern seaboard. H2 View News. https://www.h2-view.com/story/hydrogen-superhighway-to-be-developed-across-australias-eastern-seaboard/. 74. Sources: – Energy Transitions Commission. (2023). Fuelling the decarbonisation of iron ore shipping between Western Australia and East Asia with clean ammonia. https://www.energy-transitions.org/publications/australia-east-asia-shipping-green-corridor/. – Email communication with Pilbara Ports, November 2025. 75. Pilbara Ports. Pilbara Clean Fuel Bunkering Hub. https://www.pilbaraports.com.au/sustainability/pilbara-clean-fuel- bunkering-hub. 76. Gard. (2025). 3/2025: Carriage of Direct Reduced Iron (DRI). https://gard.no/circulars/3-2025-carriage-of-direct-reduced- iron-dri/. 77. Sources: – Government of Western Australia. (2024). WESTERN AUSTRALIA IRON ORE PROFILE – May 2024. https://www.watc. wa.gov.au/media/wxehzmmd/wa-iron-ore-profile-may-2024.pdf. – Global Maritime Forum. (2024). Supporting the establishment of the Australia-East Asia iron ore green corridor. https://globalmaritimeforum.org/insight/supporting-the-establishment-of-the-australia-east-asia-iron-ore-green/. 78. BCG Situational Analysis (unpublished, 2025), citing: – Global Maritime Forum (2024). Supporting the establishment of the Australia-East Asia iron ore green corridor. https://globalmaritimeforum.org/insight/supporting-the-establishment-of-the-australia-east-asia-iron-ore-green/. – Pilbara Ports. (2025). News. https://www.pilbaraports.com.au/about-pilbara-ports/news,-media-and-statistics/news . 79. FMC’s analytical boundary for steel production emissions is cradle-to-gate, in alignment with: International Energy Agency (IEA). (2022). Achieving Net Zero Heavy Industry Sectors in G7 Members. https://www.iea.org/reports/achieving-net- zero-heavy-industry-sectors-in-g7-members. 80. World Economic Forum, First Movers Coalition. (2024). Near-Zero Steel 2030 Challenge. https://hunternewenergy.com. au/wp-content/uploads/2025/02/Near-Zero-Steel-Challenge-intro31.pdf. 81. RMI. (2024). Amazon and Johnson Controls Join Major Corporations in Launching Tender to Accelerate Deployment of Near-Zero Emissions Steel. https://rmi.org/press-release/amazon-and-johnson-controls-join-major-corporations-in- launching-tender-to-accelerate-deployment-of-near-zero-emissions-steel/. 82. Voight, N. et al. (2023). Green Awakening: Are Consumers Open to Paying More for Decarbonized Products? BCG. https://www.bcg.com/publications/2023/consumers-are-willing-to-pay-for-net-zero-production. 83. Thurbon, E. & Yates, O. (2025). The Case for an Australian Clean Commodities Trading Initiative. Asia-Pacific Development, Diplomacy & Defence Dialogue. https://asiapacific4d.com/idea/ccti/. 84. Sources: – Department of Climate Change, Energy, the Environment and Water, Australian Government. (2025). Guarantee of Origin scheme. https://www.dcceew.gov.au/energy/renewable/guarantee-of-origin-scheme. – Telang, S. (2025). The Future of Australia’s Renewable Energy Market: Understanding the Role of Time-Stamped REGO Certificates. EnergyTag. https://energytag.org/the-future-of-australias-renewable-energy-market-understanding- the-role-of-time-stamped-rego-certificates/. 85. Australian Taxation Office, Australian Government. (2025). Critical Minerals Production Tax Incentive. https://www.ato. gov.au/businesses-and-organisations/income-deductions-and-concessions/incentives-and-concessions/production-tax- incentives/critical-minerals-production-tax-incentive. 86. The Superpower Institute. (2025). A Green Iron plan for Australia: Securing prosperity in a decarbonizing world , p.7. https://www.superpowerinstitute.com.au/work/green-iron-plan. “Notes: Production costs for Australian HBI are based on a dynamic model of green iron production. Prices for carbon-based iron products are based on World Bank data for international fossil-fuel based HBI. Source: BIVIOS and The Superpower Institute.” 87. These risks can include: – Project risk – e.g. permitting and permissions, which in turn has an impact on whether the project be delivered on time and on budget. – Technology risk – will the technology deliver to expectations? Novel technologies bring the risk of being un-tried or tested. Established technologies may get superseded by newer, more effective technologies. – Project-on-project risk – when the success of one project depends on the success of another, e.g. a green iron plant depends on renewable energy plants to deliver accessible, affordable and timely supplies of green power. – Regulatory risk – e.g. changes in government incentives, tax breaks, other enabling policies; or changes to export markets through carbon taxes and border adjustments. Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 56