Australia's Green Metal Revolution: Investing in Lower-Emission Technologies
Key Ideas
- The Australian Federal Government is investing $750 million in developing lower-emissions metal technologies, focusing on making mining and refining of critical metals cleaner and greener.
- Initiatives like the Green Iron Investment Fund and partnerships with companies like Fortescue Metals and ArcelorMittal are driving the shift towards greener practices in the metal industry.
- The goal is to reduce emissions from the steel industry, which globally contributes between six and seven percent of total emissions, by supporting the development of new technologies and pilot projects.
- Australia aims to position itself as a global leader in supplying metals for the green revolution by leveraging its abundant resources and investing in sustainable practices.
The Australian Federal Government has announced a $750 million investment in lower-emissions metal technologies to focus on making the mining and refining of critical metals cleaner and greener. Australia's metal exports are significant, worth over $150 billion annually, but the production of metals, particularly steel, contributes substantially to the country's greenhouse gas emissions. The government's funding includes initiatives like the Green Iron Investment Fund, with a part of it allocated to the transformation of Whyalla steelworks, a major steel producer in Australia. The funding aims to support the development of new technologies and pilot projects that show promise in decarbonizing the metal industries. The government's 'Future Made in Australia' plan emphasizes making the metal industry greener to position Australia as a global supplier of metals for the green revolution. Several pilot programs, including the use of green hydrogen in steel production by companies like Fortescue Metals and ArcelorMittal, are already underway to reduce emissions. Additionally, Rio Tinto is exploring sourcing power for its aluminium refineries from renewable sources like wind and solar. Minister for Industry and Science, Ed Husic, highlighted the importance of investing in Australian metal know-how to create jobs and reduce emissions. Minister for Climate and Energy, Chris Bowen, emphasized the government's focus on delivering solutions for decarbonization and criticized the opposing Coalition's support for a nuclear scheme. The government aims to help industrial sectors like alumina refining transition to a clean energy economy to cut costs and remain competitive in the global market.
Topics
Green Hydrogen
Technology
Sustainability
Investment
Emissions
Industry
Jobs
Green Revolution
Metal Technologies
Latest News