Green iron’s credibility hinges on clean logistics Leading mining companies have started to decarbonize their transportation, ordering battery- electric fleets of haul trucks and chartering dual-fuel bulk carriers that can operate on either bunker fuel or green alternatives. This could significantly reduce the emissions from shipping Australia’s iron ore the 6,500 km from Pilbara to East Asia. The government has agreed to create green shipping corridors with Korea and Singapore. Meanwhile, private sector companies are developing a green shipping corridor from Western Australia to East Asia specifically for iron ore. As part of this, Pilbara Ports’ Clean Fuel Bunkering Hub aims to transition the bulk carriers calling at its ports to lower-carbon ammonia, which could reduce emissions by up to 94%. But more investment is needed in safe bunkering infrastructure for ammonia and methanol, as well as clearer regulations and workforce training. The private sector also has a role to play in generating demand for low-carbon transportation. As well as its steel commitment, FMC aggregates commitments for near-zero emissions trucking and shipping from some of the world’s largest companies. Five priority actions for 2026–27 The strongest call from industry experts attending the FMC’s workshop was to accelerate one or two Lighthouse green iron projects to financial close by the end of 2027 and achieve commercial operations before 2030. This ambition would match the scale of the opportunity and enable Australia to demonstrate climate leadership by COP31. Progress depends on five coordinated actions during FY2026-27:Expand supply-side incentives. Current government funding is welcome but insufficient to transform Australia’s most valuable export industry. Government could provide additional support in the form of grants, de-risking instruments and a green iron production tax credit, closing the cost gap with fossil iron. Boost public and private demand. Government could mandate green procurement for 50% of the 8 Mt of steel needed for federal infrastructure by 2028. Private offtake can be ramped up by voluntary platforms (e.g. First Movers Coalition, RMI’s Sustainable Steel Buyers Platform). Fast-track approvals for renewable energy. Apply an “overriding public interest” test and one-window approvals to streamline permissions for the renewable energy and green hydrogen infrastructure essential to decarbonize Australia’s iron ore industry. Certify what counts as green. Ensure definitions of emissions limits, accounting standards and certification for green iron are aligned with international frameworks. Launch a credible book-and-claim system for traceable clean-commodity certificates. Strengthen regional trade partnerships. Treat green iron as a two-way trade and investment opportunity that enables shared growth across Asia. Align on carbon pricing, certification and green corridor development to advance low- carbon iron and steel value chains.1 2 3 4 5 Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 6

Unlocking Asia-Pacific as a First Mover 2025