Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity
Iron ore remains Australia’s largest export, with 866 million tonnes shipped in 2024—accounting for more than half of global trade. As major East Asian markets strive to reach net zero emissions, decarbonizing the iron ore industry is essential for strategic, commercial, and climate reasons.
Developing green iron could potentially double Australia’s iron ore revenues to over AU$250 billion annually. It offers a hedge against declining coal and gas export earnings and could reduce up to 4% of global emissions by mid-century, which is four times Australia’s current emissions.
First Movers Coalition Workshop Highlights
In August 2025, the World Economic Forum’s First Movers Coalition held a two-day workshop in Adelaide focused on unlocking green iron opportunities in the region. Key takeaways included the urgent need to advance one or two pioneering commercial-scale projects to financial close by late 2027, proving viability and attracting broader investment.
“Advancing first-of-a-kind projects by 2027 is critical to demonstrating viability and unlocking wider investment.”
Strategic Climate and Economic Imperatives
- Green iron development supports Australia’s evolving climate ambitions and could establish the nation as a low-carbon leader ahead of COP31.
- The global push for net-zero emissions grows increasingly urgent, with competition from other low-carbon producers intensifying.
- The growing climate challenges reduce the timeframe for decisive action.
Report Insights and Recommendations
This report draws on workshop insights and extensive research to present practical pathways for public and private stakeholders. It emphasizes collaboration between Australia and Asia-Pacific partners to foster a prosperous, resilient, and net-zero industrial future.
“Australia and its Asia-Pacific partners can move towards a more prosperous, resilient and net-zero industrial future through strategic cooperation.”
Author’s summary: Australia’s green iron initiative offers a unique chance to boost exports, cut global emissions significantly, and lead the Asia-Pacific region towards a sustainable industrial future.