Australia's Pilbara iron ore industry faces the risk of decline as China seeks cleaner steel-making processes, potentially rendering the region a 'wasteland'. Billionaire Andrew Forrest of Fortescue Metals Group highlighted the need for innovation in the sector at a mining summit in Perth. With the steel industry responsible for a significant portion of global greenhouse gas emissions, the shift towards green iron manufacturing using renewable resources presents a lucrative opportunity for Australia. Rod Sims, former ACCC chair, emphasized the country's potential to become a green iron export powerhouse, generating substantial revenue by 2060. By utilizing green hydrogen in steel production, Australia can reduce emissions and meet global demand for zero-carbon products. The Superpower Institute's report suggests specific locations in Australia, such as the Pilbara, for green iron projects due to their renewable energy potential and existing infrastructure. Government intervention is crucial to support this transition, with recommendations including tax incentives, grants, and investments in essential infrastructure. Major players like Fortescue, BHP, and Rio Tinto are already investing in green technology, signaling a significant shift towards sustainable steel production in Australia.