Australia's potential to become a leader in green iron exports is under scrutiny, with international mining, finance and climate firms looking at ways to transform the nation's mining sector.
While demand for green metals is surging worldwide, experts warn production is proving more challenging to establish than anticipated and may require more time.
The green iron summit, organised by the World Economic Forum and held in Adelaide on Wednesday and Thursday, has attracted participants from across the region, ranging from academia and government to mining and investment firms.
It follows similar events in Queensland and Western Australia.
Green iron is produced using renewable energy resources, such as green hydrogen, solar and wind power rather than coal or gas, and has the potential to cut 90 per cent of emissions from the steelmaking process.
World Economic Forum First Movers Coalition head Noam Boussidan said helping all sides of the green iron ecosystem meet would be vital to establishing the industry.
Demand for green iron is expected to reach 852 million tonnes worldwide by 2050, according to government estimates, but Mr Boussidan said its large-scale, commercial production had proven challenging.
"There was a very strong hype in terms of how we could do this, when we could do this and for how much," he told AAP.
"As in other areas, there's a bit of a reality check and it's proving hard but it's not proving impossible and that's the main point."
Challenges to manufacturing green hydrogen had created delays for green iron production but could be overcome with the right policies and trials, Mr Boussidan said.
Australia was uniquely placed to take advantage of global demand for green iron if it persisted, he said, given its existing iron ore exports and position within the Asia-Pacific region.
"There is definitely an opportunity for Australia to shift its economic and business model towards more sustainable solutions and sustainability not just in terms of environment but also... income to ensure long-term prosperity," he said.
"This is directly linked to Australia's natural endowment, as well as existing experience and infrastructure."
A report by The Superpower Institute, released earlier this year, found Australia could triple its iron ore earnings to generate $386 billion a year from green iron by 2060 if it moved quickly, and had the potential to cut four per cent of global emissions.
The federal government also announced a $1 billion Green Iron Investment Fund in February, including $500 million to transform the Whyalla Steelworks in South Australia and $500 million to invest in new and existing green iron projects.
