Australia has a unique opportunity to transition from its coal and gas industry to the cleaner green iron market, potentially increasing its export revenue fourfold by 2060, according to a study by the Superpower Institute. Green iron, produced using renewable energy like hydrogen and solar/wind power, could significantly reduce emissions from steelmaking. The report highlights challenges such as inadequate financial support for early investors, infrastructure gaps, and the absence of an international carbon price. The institute suggests solutions like a green iron production tax credit, grants for projects, and exploring trade options. Australia's vast natural resources position it as a strong contender in green iron production. With planned projects like Fortescue's Christmas Creek and the Gladstone project, the nation aims to have multiple operations by 2030. The study estimates a potential annual revenue of $386 billion from green iron by 2060. To stay competitive in the global race for green iron, Australia is urged to invest promptly in the growing industry.