Unlocking Asia-Pacific as a First Mover 2025

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Gladstone Regional Council. (2022). Economic Transition. https://www.gladstone.qld.gov.au/Business/Economy/ Economic-Transition. 124. The University of Sydney and Queensland Community Alliance. (2023). A Real Deal for Gladstone: Community Listening Report to Shape Economic and Social Transition. https://www.sydney.edu.au/content/dam/corporate/documents/ sydney-policy-lab/our-research/2023_real-deal_gladstone_listening_report.pdf. 125. Climate Energy Finance. (2024). Green Metal Statecraft: Forging Australia’s Green Iron Industry. https://climateenergyfinance.org/wp-content/uploads/2024/11/CEF_Green-Metal-Statecraft_FINAL.pdf. 126. The basis for these calculations is stated by Kearney as follows: “According to the EU ETS, the benchmark value for EAF steel is 0.24 tCO2e/tonne. Although CBAM has not yet disclosed a fixed carbon price or tax value for 2026, the price of CBAM certificates can be directly linked to the carbon price in the EU ETS. Sources such as Bloomberg NEF and ClearBlue provide a forecast of CO2 allowance prices, which predict an increase to €85/tCO2e in 2026.” Source: Kearney. (2025). CBAM: are steel importers prepared to pay the price for inaction? https://www.kearney.com/industry/energy/ article/cbam-are-steel-importers-prepared-to-pay-the-price-for-inaction. 127. Carbon Brief. (2024). Explainer: China’s carbon market to cover steel, aluminium and cement in 2024. https://www.carbonbrief.org/explainer-chinas-carbon-market-to-cover-steel-aluminium-and-cement-in-2024/. 128. Sources: – European Commission. (2025). Carbon Border Adjustment Mechanism (CBAM) Questions and Answers . https://taxation-customs.ec.europa.eu/document/download/013fa763-5dce-4726-a204-69fec04d5ce2_en. – World Economic Forum. (2023). Net-Zero Industry Tracker 2023. https://www.weforum.org/publications/net-zero- industry-tracker-2023/. – Twidale, S. (2025). Analysts’ EU carbon price forecasts steady as US tariff concerns linger. Reuters. https://www.reuters.com/sustainability/climate-energy/analysts-eu-carbon-price-forecasts-steady-us-tariff-concerns- linger-2025-07-16/. – GMK Center. EU imports of flat products in 2020-2024. https://gmk.center/en/infographic/eu-increased-imports-of- flat-products-by-7-5-y-y-in-2024/; and GMK Center. EU imports of flat products in 2018-2023. https://gmk.center/en/ infographic/eu-reduced-flat-products-imports-by-8-y-y-in-2023/. – International Carbon Action Partnership (ICAP). (2025). Korea Emissions Trading System (K-ETS). https://icapcarbonaction.com/en/ets/korea-emissions-trading-system-k-ets. Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 58