Media

A new report from Climate Energy Finance is said by Tim Buckley to show Australia’s window to lead in green iron and steel is rapidly narrowing. Buckley states that iron ore and coking coal remain core export pillars, yet global steel decarbonisation is accelerating as governments and industry target net zero. He argues green iron depends on green hydrogen and is facing slowing momentum, project cancellations and capital cost blowouts, leaving Australia exposed to losing a “once‑in‑a‑generation” export shift. Read more

Hot on the heels of a $10m capital raise, a local start-up is tapping investors again as it looks to play a leading role in the development of Australia’s fledgling green steel industry. DryFlow Magnetics is gearing up for new trials of its “dry magnetic separation” process, described as a potentially “game-changing” mineral processing and recovery technology. Development of the technology has been backed by grant funding from the CSIRO and the state government’s Seed-Start program. In a report released in November, think tank Climate Energy Finance suggested DryFlow’s technology could play a key role in unlocking South Australia’s nearly 20 billion tonnes of magnetite resources, which were key to Whyalla’s transformation into a green iron and steel hub. Read more

In a November 2025 report Climate Energy Finance (CEF) outlined a pathway for the SA government to enable and facilitate the state’s magnetite industry as a precursor to a broader green iron industry and to transform the Whyalla Steelworks in a phased approach: prioritising the construction of a new electric arc furnace (EAF) to replace steelmaking capacity, followed by a new green iron facility as green hydrogen economics continue to improve. It is also positive to see the administration process for Whyalla Steelworks has attracted interest from more than 70 parties worldwide, with five domestic and international groups now shortlisted and undertaking detailed technical, financial and operational due diligence over the coming months. Read more

Tim Buckley from Climate Energy Finance outlines growing urgency for Australia to take decisive action on climate change, highlighting stark risks for the economy and society if current trends continue. Buckley points to the Federal Government’s National Climate Risk Assessment, describing it as a clear signal of the significant economic consequences for Australia if climate science is not appropriately addressed. He calls for a government-wide approach to reforming Australia’s economy and exports, with an emphasis on pivoting the country’s leading mining sector towards value-added products that can support the decarbonisation of major trade partners. Read more

The WA Environment Protection Authority said South Korean company POSCO’s plan to use the potent greenhouse gas methane to make green iron was justified because it would reduce global emissions compared to a scenario where the same iron ore was sent to Asia to be cooked with coking coal in a blast furnace. The decision to take a “global” view of project emissions was welcomed by decarbonisation advocates. Read more

CEF’s new report on Diesel Fuel Rebate subsidy reform “Transition Tax Incentive: Reforming Fuel Tax Credits into a Decarbonisation Tailwind”. A policy proposal to phase-out the fuel tax credit scheme for its largest beneficiaries with a transition tax incentive scheme to accelerate electrification and decarbonisation. Since the Fuel Tax Act 2006 (starting FY07), the FTC Scheme has provided $123bn in diesel subsidies to FY25. Beyond this, by FY30, it will have provided $184bn in subsidies. Read more

Australia is fossil fuel dependent – supplying half the globes’ iron ore, and nearly as much coking coal. In a world that’s looking to get away from fossil fuels, this is a problem. What can Australia do to maintain its mineral wealth and meet emissions targets? Rear Vision drills down into our coal and iron-ore industries. And asks, can Green Iron save us? Read more

Stiell’s comments come as Nationals MP Barnaby Joyce and One Nation’s Pauline Hanson push a private member’s bill to scrap Australia’s 2050 net zero target, exposing divisions within the Coalition. Meanwhile, the Albanese government is preparing to set its 2035 target next year, due in September, a decision widely viewed as a test of whether Australia intends to match the pace of global decarbonisation or remain tethered to its fossil fuel export model. Tim Buckley, founder of Climate Energy Finance, said the 2035 target represents Australia’s chance to align with the global clean energy transition and secure long-term economic and geopolitical benefits. Read more

China has already moved to reduce its dependence on Australian iron ore via a joint venture in Guinea to unlock a vast new high-grade deposit. In the context of these shifting trade dynamics, failure to position Australia now in the green steel supply chain with China is an opportunity cost that threatens to blow a +$50bn annual hole in Australian exports. In the face of these enormous opportunities and risks, it was highly significant this week to hear the PM and Australian iron ore business leaders reaffirm their commitment to working in partnership with China to jointly drive steel sector decarbonisation. Read more

Tim Buckley from Climate Energy Finance highlights the major opportunity for Australia and China to collaborate on green steel production, describing the sector as one of the world’s most carbon-intensive industries. Buckley outlines that conventional steelmaking generates over two tonnes of carbon emissions per tonne of steel but sees significant emission reduction potential—up to 95%—by using renewable energy and modern technologies in place of coking and thermal coal. He points to South Korea’s recent $600 million investment in a steel plant set to achieve substantial emissions cuts as indicative of global momentum. Read more

The Prime Minister has spent much of the day trying to guarantee the future of Australia’s critically important exports to China’s steel industry, wrapping up a high-level roundtable on green steel in Shanghai. Australian coal and iron ore exports have fuelled China’s construction boom and underwritten Australian prosperity for years, pouring hundreds of billions of dollars into the budget. But as China’s steel industry moves to decarbonise — as well as diversifying its imports and winding down production — Australia’s long resources boom faces an uncertain future. Read more

The projected deflation of Australia’s export earnings is a lens to threats to our future economic resilience and security, while our key trading partners accelerate their economic decarbonisation and deliver on their Paris Agreement commitments. It is a stark reminder of the need to increase our economic complexity, to diversify from fossil fuels, which face inevitable structural decline, and to prioritise value adding our resources. The projections underscore the strategic importance, for example, to pivot to green iron production rather than shipping rocks of ore. Read more