According to the report, the Australian Renewable Energy Agency (ARENA) has awarded AUD 59.1 million for supporting research and commercialization of renewable hydrogen and low-carbon steel for 21 projects.

There will be two rounds of funding, including renewable hydrogen and iron & steel, and each round will be allocated AUD 25 million. ARENA said the funding was increased to AUD 59.1 million due to the quality of applications.

Australia is the world’s top exporter of iron ore, accounting for up to 53% of total annual international exports. Decarbonization is to meet the goal of global emission reductions. Also, renewable hydrogen will help to reduce emissions in sectors that are difficult to reduce.