Australian political party the Greens have announced that they will push for a $500 million investment in helping steelmaking regions transition away from coal, if the party holds the balance of power following the federal election.
The plan includes setting up a Green Steel Innovation Fund to allocate grants, and a green metals bank to help finance businesses commercialising zero-emissions technologies.
It is a key part of the Greens' plan to phase out the metallurgical coal industry by 2040. Greens Leader Adam Bandt said it would put Australia in pole position to capitalise on the energy transition.
"The rest of the world is going to need green steel and we are in a perfect position here, with not only the manufacturing know-how, but also the intellectual know-how and the resources, to be world leaders in green steel."
Greens Leader, Adam Bandt
"It would allow us to create thousands of jobs locally and it would mean we would be a country that makes things," Bandt said.
"The rest of the world is going to need green steel and we are in a perfect position here, with not only the manufacturing know-how, but also the intellectual know-how and the resources, to be world leaders in green steel."