Green Steel: Synergies between the Australian Iron Ore Industry and the Production of Green Hydrogen
Green steel, produced using renewable energy and hydrogen, presents a promising avenue to decarbonize steel manufacturing and expand the hydrogen industry. Australia, endowed with abundant renewable resources and iron ore deposits, is ideally placed to support this global effort. This paper's two-step analytical approach offers the first comprehensive assessment of Australia's potential to develop green steel as a value-added export commodity. The Economic Fairways modelling reveals a strong alignment between prospective hydrogen hubs and current and future iron ore operations, enabling shared infrastructure development and first-mover advantages. By employing a site-based system optimization that integrates both wind and solar power sources, the cost of producing green steel could decrease significantly to around AU$900 per tonne by 2030 and AU$750 per tonne by 2050. Moreover, replacing 1% of global steel production would require 35 GW of well-optimized wind and solar photovoltaics, 16 GW of hydrogen electrolysers, and 1000 square kilometres of land. Sensitivity analysis further indicates that iron ore prices would exert a long-term influence on green steel prices. Overall, this study highlights the opportunities and challenges facing the Australian iron ore industry in contributing to the decarbonization of the global steel sector, underscoring the crucial role of government support in driving the growth and development of the green steel industry.
<b>Citation:</b>
Wang C et al., Green steel: Synergies between the Australian iron ore industry and the production of green hydrogen, <i>International Journal of Hydrogen Energy,</i> Volume 48, Issue 81, 1 October 2023, Pages 32277-32293, ISSN 0360-3199.
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- Date (Creation)
- 2021-10-29
- Date (Publication)
- 2023-09-11T05:10:13
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- Geoscience Australia Persistent Identifier/https://pid.geoscience.gov.au/dataset/ga/146059
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Digital Object Identifier
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Role Organisation / Individual Name Details Author Wang, C.
External Contact Author Walsh, S.D.C.
External Contact Author Weng, Z.
MEG Internal Contact Author Haynes, M.
MEG Internal Contact Author Summerfield, D.
MEG Internal Contact Author Feitz, A.
MEG Internal Contact Publisher Elsevier Ltd
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International Journal of Hydrogen Energy
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Volume 48 Issue 81 1 October 2023
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32277-32293
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Journal article
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Role Organisation / Individual Name Details Point of contact Commonwealth of Australia (Geoscience Australia)
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MEG Internal Contact Resource provider Minerals, Energy and Groundwater Division
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Product data repository: Various Formats
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ECONOMICS
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RESOURCES ENGINEERING AND EXTRACTIVE METALLURGY
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Exploring for the Future
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green steel
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Hydrogen
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Resource economics
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energy system modelling
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industrial decarbonisation
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renewable energy
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© 2023 The Author(s)
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Original research output from the 'Economic Fairways' and 'Hydrogen Studies' Exploring for the Future modules. Modelling includes mixed integer optimisation of multiple systems to meet required production targets, based on available renewable energy capacities determined from Renewables Ninja data.
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Australian Government Security Classification System
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AU/NZS ISO 19115-1:2014
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ISO 19115-1:2014
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