<p>Western Australia’s Pilbara region would receive one fifth of AUD 500 million funds to help establish a green steel industry under a policy the Greens will pursue if the party holds the balance of power following the federal election. Leader of the Australian Greens & Federal MP for Melbourne Mr Adam Paul Bandt said the fund would reduce the nation’s dependence on coal and allow his party to shelve the 114 Australian coal and gas projects in the investment pipeline and send workers into less polluting resources jobs. He said “We have greater potential than just being the world’s quarry. With almost endless energy available from the sun and wind, we have the capacity to create finished steel, unlocking generations of good jobs and giving us a new export opportunity. The Pilbara knows iron ore, and we need to make the most of the expertise in this region to build a steel industry powered by sun and wind and fuelled by renewable hydrogen.”</p><p>The Green Steel Innovation Fund would run for five years with the aim of kick-starting an industry using zero emission hydrogen produced with renewable energy sources to manufacture steel in Australia rather than export iron ore where the product is made using coal.</p><p>Alongside the green steel funding the Greens will finance a green metals bank under a similar model to the Clean Energy Finance Corporation to give the private sector access to capital for green steel projects through government loans.</p>
<p>Western Australia’s Pilbara region would receive one fifth of AUD 500 million funds to help establish a green steel industry under a policy the Greens will pursue if the party holds the balance of power following the federal election. Leader of the Australian Greens & Federal MP for Melbourne Mr Adam Paul Bandt said the fund would reduce the nation’s dependence on coal and allow his party to shelve the 114 Australian coal and gas projects in the investment pipeline and send workers into less polluting resources jobs. He said “We have greater potential than just being the world’s quarry. With almost endless energy available from the sun and wind, we have the capacity to create finished steel, unlocking generations of good jobs and giving us a new export opportunity. The Pilbara knows iron ore, and we need to make the most of the expertise in this region to build a steel industry powered by sun and wind and fuelled by renewable hydrogen.”</p><p>The Green Steel Innovation Fund would run for five years with the aim of kick-starting an industry using zero emission hydrogen produced with renewable energy sources to manufacture steel in Australia rather than export iron ore where the product is made using coal.</p><p>Alongside the green steel funding the Greens will finance a green metals bank under a similar model to the Clean Energy Finance Corporation to give the private sector access to capital for green steel projects through government loans.</p>
