Submission to the Inquiry into the Future Made in Australia Bill and related bills
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26 July 2024
To: Senate Economics Legislation Committee
RE: Inquiry into the Future Made in Australia Bill and related bills
Thank you for the opportunity for the Institute for Energy Economics and Financial Analysis (IEEFA) to provide input on the Future Made in Australia legislation. IEEFA is an energy finance think tank that examines issues related to energy markets, trends, and policies. The Institute’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.
IEEFA has provided insights into developing green iron and steel in Australia, highlighting the nation’s competitive advantages and its potential to be a major player in the green iron and steel transition. IEEFA has also examined the potential to accelerate the decarbonisation of Australian ammonia production, which could drive large volumes of short-term demand for green hydrogen and kickstart the sector.
Australia possesses all the essential ingredients to become a global leader in those sectors, especially green iron and steel in a net zero world, but swift and decisive action is needed to stay ahead of competitors vying for a larger share of the emerging green iron and steel market. In this context, IEEFA supports the Future Made in Australia Bill as government support will be critical to kick-start those new industries.
Regards,
Amandine Denis-Ryan, CEO IEEFA Australia
