The World Wide Fund for Nature-Australia (WWF-Australia) has welcomed the federal government’s announcement of a $1 billion Green Iron Investment Fund and its commitment to supporting the transformation of the Whyalla Steelworks.
The investment fund is designed to accelerate the development of green iron manufacturing and supply chains, with up to $500 million allocated to the Whyalla Steelworks transition.
The initiative aims to position Australia as a key player in sustainable steel production while addressing global climate challenges, as stated in a news release.
WWF-Australia’s Head of Regenerative Climate, Nat Burke, stated that the investment represents a significant step in reducing carbon emissions in the steel industry and creating long-term economic opportunities.
“Decarbonising iron and steel production is essential if we are going to stabilise global temperature rise to 1.5°C,” Burke said.
“WWF has long championed the huge opportunity that a green metals industry could deliver to Australia’s economy and climate action efforts.”
Burke highlighted that Australia’s abundant renewable energy resources and technical expertise place it in a strong position to drive sustainable manufacturing.
He noted that the investment will not only support domestic job creation and economic growth but also help international trading partners transition to lower-emission 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,” Burke added.
Industry experts have pointed to the increasing global demand for low-carbon steel as a driving force behind initiatives like the Green Iron Investment Fund.
The Whyalla Steelworks, a key beneficiary of the funding, is set to undergo major upgrades to integrate cleaner technologies and improve operational efficiency.
WWF-Australia, in collaboration with Deloitte, will provide further insights into Australia’s green iron opportunities at an event on 5 March.
