According to the Australian Minister for Industry and Science Ed Husic, the government officially launched the Green Iron Investment Fund, which aims to establish Australia as a global leader in green iron production. The fund will support the development of a low-carbon steel industry and provide funding for new projects.

The total amount is A$1 billion, of which A$500 million will be used to promote the transformation of the Whyalla steelworks, which will help increase local employment and promote energy transformation. Another A$500 million will be made available to applicants across Australia, including existing steel facilities and new projects.

The Green Iron Investment Fund is a competitive funding program. Ed Husic said that the fund will enable Australia to capitalize on its existing iron ore supply chain, renewable energy potential, world-class research capabilities, and highly skilled workforce. The Australian government is fully supporting its green metal producers as the world moves towards net zero emissions.