Rod Sims reckons the Commonwealth’s policy could increase the cost of renewable power and threaten Australia’s “green” steel ambitions.
Former ACCC chairman Rod Sims.“How can we have low cost renewable energy if we are saddled with high cost solar panels, wind farms and electrolysers through a “buy local” imperative?” he will ask the Melbourne Economic Forum in a speech on Wednesday.
Steel production, which requires vast amounts of coal as a key ingredient in the manufacturing process, accounts for about 7 per cent of the global emissions. Green steel production aims to use renewable energy to make hydrogen, which would then replace coal in the manufacturing process.Australia has a clear competitive advantage as the globe’s top supplier of iron ore along with plentiful and cheap renewable energy to make hydrogen, Mr Sims will say.
The first problem is that steel made with fossil fuels is cheaper because it doesn’t account for the environmental costs of carbon emissions.
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