WWF WELCOMES INVESTMENT IN AUSTRALIA’S GREEN IRON FUTURE

The World Wide Fund for Nature-Australia has welcomed the federal government’s announcement of a $1 billion Green Iron Investment Fund and support for the nationally important Whyalla Steelworks.

The investment fund aims to boost green iron manufacturing and supply chains by supporting early mover green iron projects. Up to $500 million has been earmarked to support the Whyalla steelworks transformation.

WWF-Australia’s Head of Regenerative Climate, Nat Burke said the investment would bring benefits to people and nature.

“Decarbonising iron and steel production is essential if we are going to stabilise global temperature rise to 1.5 °C,” he said.

“WWF has long championed the huge opportunity that a green metals industry could deliver to Australia’s economy and climate action efforts.

“Australia has the technical know-how and the renewable energy potential to create jobs and economic opportunities at home, while also helping our trading partners decarbonise their steel supply chains.

“Today’s announcement is an important step towards Australia becoming a renewable energy superpower, and a critical investment in Australia’s economic future in a decarbonising world.”

People can learn more about Australia’s green iron opportunity at the launch of a new report from Deloitte and WWF-Australia on 5 March.