The workshop opened with a powerful reminder from the keynote speaker that reaching net zero by 2050 would only stabilize, not reverse, current damage levels. Every decade since the 1950s has been warmer than the one before – and Australians are now feeling the impacts with increasing regularity:7 –In 2019-20, “Black Summer” bushfires killed 33 people, destroyed more than 3,000 homes and burned over 24 million hectares of land, costing the Australian economy an estimated $10 billion. –In 2022, the people of the Northern Rivers region experienced record rainfall and floods that led to $3.5 billion in insured losses. –In 2025, the Great Barrier Reef experienced its sixth mass bleaching in 10 years. –In recent years, Australians have been forced to move location almost quarter of a million times due to climate-related disasters.8 –By 2050, more than 1.5 million Australians will live in areas at high risk of coastal flooding, with disaster costs projected to top AU$40 billion/ year – even in a 1.5°C scenario. –By the 2060s, up to 2.7 million working days could be lost each year to climate impacts.At a global level, steelmakers need to halve emissions by 2050 to meet international climate goals, according to IEA.9 The iron and steel industry accounts for ~7-9% of annual global anthropogenic CO2 emissions, amounting to ~3.6 Gt (billion tonnes) of direct and indirect CO2 emissions per year – more than any other heavy industry.10 The traditional blast furnace process to reduce iron ore to metallic iron accounts for roughly 70% of the CO2 emitted during primary steel production.11 So decarbonizing iron is vital to reduce steel’s overall emissions. Various technologies exist, but all depend on large amounts of renewable energy. Australia has the potential to become a major player in the net-zero global economy. Its exports of green iron ore could mitigate the equivalent of ~4% of 2021 global emissions by mid-century (based on 40% global market share) – four times Australia’s 1% share of the world’s emissions.12,13 Such a move would align closely with Australia’s new 2035 climate goal, announced a month after the workshop, to reduce greenhouse gas emissions by 62-70% compared to 2005 levels.141.2 Climate impacts strengthen case for decarbonization Climate change is causing severe and escalating damage, especially in Australia, which is among the most impacted developed nations; delays to 2060 or 2070 will lead to more severe and irreversible harm. Keynote speaker Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 9

Unlocking Asia-Pacific as a First Mover 2025