A new report by the Chamber of Minerals and Energy WA highlights Western Australia's potential to lead in decarbonizing steel production by transitioning to green iron. The report outlines that large-scale green iron production could offset a significant portion of global emissions by 2050, effectively balancing Australia's current CO2 output. This shift is estimated to bring $74 billion in economic value, create 19,600 direct jobs, and revolutionize the steel industry. The focus is on adopting technologies like hydrogen-based ironmaking and processing higher-grade iron ores like magnetite to achieve substantial emissions reductions. Industry leaders stress the need for government support in R&D, infrastructure development, and policy frameworks to unlock the full potential of green iron production. The initiative is seen as a crucial economic opportunity for Australia, with the potential to become a leading global industry, creating long-term prosperity and contributing significantly to emissions reduction efforts.