A recent study suggests that Australia has the unique opportunity to transition from its traditional coal and gas industry to a cleaner green iron market, potentially earning four times the revenue from exports by 2060. The report highlights that producing green iron, which utilizes renewable energy sources like hydrogen and solar and wind power, could significantly reduce emissions from the steelmaking process. Despite being the world's largest iron ore exporter, Australia faces obstacles such as insufficient financial support for early investors, lack of necessary infrastructure, and competition with fossil fuel-based iron production. Recommendations from the study include implementing a green iron production tax credit, offering grants for projects, establishing a green hydrogen certification scheme, and exploring trade opportunities. The Superpower Institute projects that Australia could generate up to $386 billion annually from green iron by 2060, emphasizing the nation's potential to lead in this industry. Current green iron projects in Australia, like Fortescue's Christmas Creek project and the Gladstone project, are already underway. Government commitments to green metals, such as investments from the Future Made in Australia fund and the Green Iron Investment Fund, aim to support the development of the green iron industry. Australian officials, including Productivity Assistant Minister Andrew Leigh, recognize the importance of strategic investments in transitioning to green iron production and the role of government in addressing market challenges during this structural shift.