We conduct public interest financial analysis on the most profound economic transformation since the industrial revolution: the transition from fossil fuels to clean energy.

Australia has 11 green iron proposals dotted across Western Australia, South Australia and Queensland, but none are ready for commercial production. While the federal government had launched programs to financially support their development, Climate Energy Finance director Tim Buckley said greater urgency was needed in the public and private sectors to launch projects and learn from them. “My key recommendation to the federal government is let’s actually get one, two or three first-of-a-kind (direct reduced iron) or green hydrogen-based iron projects at semi-commercial or commercial scale up and running,” he told AAP. Read more

A new report by independent think tank Climate Energy Finance tracking policy, investment and technology trends in the global green iron and steel industry finds decarbonisation and electrification of the industry is undergoing structural recalibration, from speculative optimism and green hydrogen hype to incremental, halting and sporadic progress at a pace misaligned with the climate science. Steel production accounts for 7-9% of global emissions. Read more

The Climate Energy Finance report, called Green Metal Statecraft, analysed progress in green iron and steel projects across Europe, Africa and Asia, as well as policies supporting their development. Green iron is produced using renewable energy, such as hydrogen, solar and wind power, rather than coal or gas and has the potential to cut 90 per cent of emissions from the steelmaking process. Australia has long been considered a potential leader in the industry due to its access to iron ore, renewable energy, and strong trade relationships with Southeast Asia. But other nations were moving faster than Australia to establish a green metals industry, lead author and net-zero transformation analyst Matt Pollard said. Read more