The Albanese Labor Government is building Australia\u2019s future, locking in our nation as a green iron manufacturing powerhouse through the new Green Iron Investment Fund.<\/p>\n\n\n\n
The $1 billion Green Iron Fund will boost green iron manufacturing and supply chains by supporting early mover green iron projects and unlocking private investment at scale.<\/p>\n\n\n\n
Up to $500 million has been earmarked to support the Whyalla steelworks transformation, shoring up local jobs and helping with the energy transition.<\/p>\n\n\n\n
At least $500 million will be open to applicants right around Australia, and accessible for both existing facilities and greenfield projects that can supercharge Australia\u2019s world-leading iron ore industry by adding more value right here.<\/p>\n\n\n\n
This will create extraordinary opportunities for Australian industry where there are a range of green iron and steel ventures underway.<\/p>\n\n\n\n
The competitive Fund has been designed in close consultation with industry through our Green Metals Expert Panel.<\/p>\n\n\n\n
Australia is the world\u2019s largest producer of iron ore, earning more than $100 billion in export income in 2023-24, with the wider iron and steel sectors supporting over 100,000 direct and indirect jobs.<\/p>\n\n\n\n
As well as providing more jobs and value-adding onshore, investment in green iron and steel will secure future demand for Australia\u2019s iron ore as the world moves toward lower-emissions iron and steel \u2013 and support global emissions reduction at a massive scale in the process.<\/p>\n\n\n\n
Green metals are pivotal for global decarbonisation, with iron and steel production responsible for 8% of global emissions, with iron accounting for up to 90% of these emissions.<\/p>\n\n\n\n
The Minerals Institute of Western Australia has found that a single green iron plant could add a cumulative $85 billion to gross domestic product, add $2.4 billion in real income per annum, and create 1,540 full time equivalent jobs.<\/p>\n\n\n\n
A 2023 Accenture report suggests a green metals industry could deliver up to $122 billion a year in export revenue to Australia\u2019s economy by 2040.<\/p>\n\n\n\n
The Albanese Labor government is delivering a strong future for Australian made metals and the thousands of workers and families who depend on them.<\/p>\n\n\n\n
This comes on top of the Albanese Labor Government\u2019s existing measures to back in Australia\u2019s thriving energy and mining sectors:<\/p>\n\n\n\n
\u201c\u201cLabor\u2019s plan for a Future Made in Australia is very clear: we want Australia to make more things here.<\/p>\n\n\n\n
\u201cThat\u2019s why my Government is delivering $1 billion for our Green Iron Investment Fund.<\/p>\n\n\n\n
\u201cWe\u2019ve got the resources, the workers, and the know-how \u2013 the only thing we don\u2019t have is time to waste.<\/p>\n\n\n\n
\u201cThis investment is good for Australian workers and good for Australian business.\u201d<\/p>\n\n\n\n
\u201cThe Australian Government is backing in our green metals producers as the world moves towards net zero.<\/p>\n\n\n\n
\u201cThe Green Iron Investment Fund will enable Australia to take advantage of our existing iron ore supply chain, renewable energy potential, world class research and high-skilled workforce.<\/p>\n\n\n\n
\u201cThrough this $1 billion Fund we\u2019re supporting industrial diversification, productivity and economic growth, for a Future Made in Australia.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Albanese Labor Government is building Australia\u2019s future, locking in our nation as a green iron manufacturing powerhouse through the new Green Iron Investment Fund. The $1 billion Green Iron Fund will boost green iron manufacturing and supply chains by supporting early mover green iron projects and unlocking private investment at scale. Up to $500 … Continue reading “Albanese Government building Australia’s green iron future”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-31478","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/31478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=31478"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/31478\/revisions"}],"predecessor-version":[{"id":31479,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/31478\/revisions\/31479"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=31478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=31478"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=31478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}