Iron ore is Australia’s largest export. In 2024 the country exported 866 million tonnes – more than half of global trade. As key markets in East Asia head towards net zero, there are compelling strategic, commercial and climate reasons to decarbonize this industry. Green iron could double Australia's iron ore revenues to more than AU$250 billion per year. It would hedge against the risk of falling income from coal and gas exports. And it could abate up to 4% of global emissions by mid-century – four times Australia’s emissions today.

In August 2025, the World Economic Forum’s First Movers Coalition convened a two-day workshop in Adelaide to unlock the region’s green iron opportunity. Participants highlighted the urgency of advancing one or two first-of-a-kind commercial scale projects to financial close by late-2027 to demonstrate viability and unlock wider investment. As Australia pivots towards its new climate ambition, this inspiring goal could position the country as a low-carbon leader in the run-up to COP31.

But with low-carbon competitors crowding in and climate impacts mounting, the window is closing fast. This report outlines pathways for public and private sector actors to seize the opportunities of green iron and overcome key challenges. Informed by insights from the workshop and wide-ranging research, it shows how Australia and its Asia-Pacific partners can move towards a more prosperous, resilient and net-zero industrial future.