Western Australia’s Pilbara region would receive one fifth of a $500 million fund to help establish a green steel industry under a policy the Greens will pursue if the party holds the balance of power following the federal election.
The Green Steel Innovation Fund would run for five years with the aim of kick-starting an industry using zero emission hydrogen produced with renewable energy sources to manufacture steel in Australia rather than export iron ore where the product is made using coal.
Western Australia’s Pilbara region would receive one fifth of a $500 million fund to help establish a green steel industry under a policy the Greens will pursue if the party holds the balance of power following the federal election.Credit:Bloomberg
Greens leader Adam Bandt said the fund would reduce the nation’s dependence on coal and allow his party to shelve the 114 Australian coal and gas projects in the investment pipeline and send workers into less polluting resources jobs.
“We have greater potential than just being the world’s quarry. With almost endless energy available from the sun and wind, we have the capacity to create finished steel, unlocking generations of good jobs and giving us a new export opportunity,” he said.
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“The Pilbara knows iron ore, and we need to make the most of the expertise in this region to build a steel industry powered by sun and wind and fuelled by renewable hydrogen.”
Alongside the green steel funding the Greens will finance a ‘green metals bank’ under a similar model to the Clean Energy Finance Corporation to give the private sector access to capital for green steel projects through government loans.
The party said funding would work in conjunction with the $5.9 billion green metals Australia fund announced in March, which was also aimed at developing green steel infrastructure as well as developing the critical minerals industry.
That money is a drop in the ocean to what will be required to decarbonise the steel industry, however.
Greens eye Pilbara for green steel hub as they look to halt coal and gas projects
Source: Philippines Alive
