The Federal Government has released a consultation paper that outlines the barriers and opportunities through the net zero transition, including a call for responses to key discussion questions.
Federal Minister for Industry and Science, Ed Husic, said that green metals will play a vital role in the Federal Government’s vision of A Future Made in Australia – aimed at creating jobs and lowering emissions – with estimates that green metals could be worth up to $122 billion to the economy by 2040, while reducing emissions by as much as 250mT of carbon.
The Federal Government has requested feedback from the sector, from the foundry floor to executive offices, on how Australia can lock benefits in for future generations.
As the world continues to transition to net zero, demand for solar panels, electric cars, batteries and wind turbines is expected to continue growing, with an increasing need for the metals they are made of to be produced sustainably.
Mr Husic said that Australia has an opportunity to leverage its abundant renewable energy resources to become a world leading green metals producer.
The 2024-25 Budget included funding for green metals as an opportunity under a Future Made in Australia, including:
- Providing an estimated $8 billion over the decade for renewable hydrogen production incentives, expected to scale and reduce the early costs of this critical input to many green metals processes
- The $1.7 billion Future Made in Australia Innovation Fund that aims to accelerate new and innovative technologies and facilities linked to priority sectors including green metals
- The Guarantee of Origin Scheme, which has been piloted to certify Green Hydrogen, will be expanded to green metals which aims to certify the emissions intensity of green metals
Mr Husic said, “Our Future Made in Australia vision is about a secure future for the 39,000 Australians who work in our metals industry.
“This announcement gives these Aussie workers, and the outstanding Aussie businesses who employ them, a say in that future so we can capture the opportunities from the net zero transformation.”
Mr Husic said that the Australian metals industry is a world leader because it has been on the cutting edge of metal-making know-how for decades.
“The experience we can draw on in Wollongong, Whyalla, the Hunter, Gladstone, Portland, Collie and Bell Bay will be at the beating heart of our green metals future.
“Together, we’ll get jobs up, emissions down and build on our long legacy of making the world’s best steel aluminium, iron and steel using the world’s best know-how.”
Image credit: Sergey Tinyakov/Shutterstock.com.
