Growing Australia's iron advantage
28.11.2024 - 03:47
Our latest report, commissioned by Boundless, presents new research that reveals Australia's ability to competitively supply 20% of global green iron by 2050. This would reduce global steel emissions by 1.7% - surpassing Australia's current total emissions of 1.2% - while adding $103 billion to the economy and supporting 27,500 direct jobs. However, realising this opportunity requires addressing significant challenges including a significant build out of renewable energy generation, storage and transmission and the commercialisation of green iron technologies. Urgent policy support is needed to address these challenges and unlock private investment.
Australia could produce 20% of global green iron by 2050...
• 53% of global steel production in 2050 is forecast to be green (30%) or lower emissions (23%) steel
• The shift away from conventional steelmaking will create new supply chains
• Australia has the renewable energy capabilities to produce green iron, particularly compared to other iron ore exporters and existing iron producers
• Australia is forecast to be a cost-competitive producer of green iron in 2030 and 2050 if the industry can get to scale
• Australia could supply 20% of global green iron in 2050 (310Mt)
...reducing global emissions by 1.7% and generating growth
• Steel production is highly emissions intensive, generating between 6% to 9% of global CO2 emissions
• Ironmaking is the most emissions intensive part of the steel value chain, responsible for up to 90% of emissions
• Australia's green iron potential is equivalent to reducing global steel emissions by 1.7%, surpassing Australia's current emissions (1.2% of global emissions)
• Australia's green iron potential could add $103 billion to the economy and support 27,500 direct jobs in 2050
The industry faces short-term feasibility and scale challenges
• Australia's green iron potential requires 16TWh of additional renewable energy generation by 2030 and 775TWh by 2050 (nearly 2.4 times the National Renewable Energy Target for 2030)
• >90% of this electricity is used to make green hydrogen
• $28.8 billion of investment could be required by 2030 to kick-start green iron production, including a production plant, hydrogen facility and renewable energy and battery systems
• Approvals processes and the risk of new technologies continue to be barriers to investment
Policy solutions should prioritise these immediate issues
• In the short term, key barriers are the feasibility of early-stage technologies, scale of infrastructure required and availability of capital
• Policy initiatives should urgently address these barriers to enable large-scale investment and drive industry growth
• As the industry moves towards a 'scale-up' phase, additional support will be required to maintain Australia's forecast cost competitiveness, connect Australian supply to demand, and develop a skilled workforce
Read our latest posts
Growing Australia's iron advantage
Our latest report, commissioned by Boundless, presents new research that reveals Australia's ability to competitively supply 20% of global green iron by 2050. This would reduce global steel emissions by 1.7% - surpassing Australia's current total emissions of 1.2% - while adding $103 billion to the economy and supporting 27,500 direct jobs. However, realising this opportunity requires addressing significant challenges including a significant build out of renewable energy generation, storage and transmission and the commercialisation of green iron technologies. Urgent policy support is needed to address these challenges and unlock private investment.
28 Nov, 2024
The Australian Health and Medical Research Workforce Audit
The Australian Health and Medical Research Workforce Audit provides a detailed snapshot of Australia’s health and medical research workforce, highlighting its characteristics, career pathways, and challenges. Drawing on desktop research, surveys, and profile analysis, the report reveals that approximately 39,690 researchers work in the field, with 65% in traditional university and institute roles and 33% in private and clinical settings. Although women make up 52% of the workforce, only 25% hold senior positions, indicating a gender gap in leadership. Over 40% of researchers are from overseas, adding diversity and global connections, while Victoria employs the most researchers, with a notable underrepresentation in regional and remote areas. Despite a shared passion for research and societal impact, many researchers face challenges with funding and job security, and in the past five years, over 60% have moved into non-research roles where they continue to contribute as leaders and managers in related fields. This audit provides valuable insights into the strengths and development opportunities within Australia’s health and medical research workforce.
12 Nov, 2024
Beyond the visa cap: Why restricting international students won't solve Australia's housing crisis
Our latest report in partnership with Student Accommodation Council examines the impact that the Government’s proposed international student visa caps will have on Australia’s metropolitan rental markets. The report demonstrates that while visa caps would significantly harm Australia's economy, they would do little to address housing affordability. International students comprise only 6% of Australia's rental market, with 39% living outside the general rental market entirely. The proposed caps would reduce metropolitan rents by just $5 per week while costing the Australian economy $4.1 billion in GDP and 22,000 jobs. Universities would face $600 million in annual revenue losses. As Australia's fourth-largest export, international education contributes $63 billion to the economy and supports 335,000 jobs. Rather than capping student numbers, the report recommends addressing housing affordability through targeted policies, including reducing tax barriers to foreign investment in student housing and developing purpose-built student accommodation (PBSA) specific legislation. These measures would help maintain Australia's competitive edge while addressing housing pressures through increased PBSA supply.
11 Nov, 2024
Australia’s opportunity in the new AI economy
Our latest research collaboration with Microsoft has just been released, highlighting Australia's most promising opportunities in the new global AI economy. This study identifies key areas where Australia can leverage its strengths in AI applications, AI data centres, and data to drive significant economic growth, create new jobs, and enhance our digital resilience.
7 Nov, 2024