An online tool created to support investment in Australian resource development has been extended to include green hydrogen, iron and steel.
The Economic Fairways Mapper, developed by Geoscience Australia and Monash University, lets users create maps showing the location of resources across Australia.
It enables rapid, high-level economic appraisal of the opportunities and challenges for resource development projects, according to Geoscience Australia.
The tool now also allows users to focus on the regional availability of renewable energy and evaluate how renewable energy performance will influence costs in iron and steelmaking across Australia, resources minister Madelaine King said.
“By analysing large volumes of renewable energy data to model the costs of steel production and how these vary spatially, the Mapper can provide valuable insight into the economics of building a green steel industry in different regions of Australia,” Ms King said.
“Tools like these are vital to attracting much-needed investment, particularly in regional areas.”
Deputy Director of Resources Engineering at Monash University Dr Stuart Walsh said the tool can help guide investments to areas of strategic opportunity.
“Using these methods in place of conventional iron and steel production has the potential to eliminate significant amounts of global greenhouse gas emissions,” he said.
Analysis from the mapper has helped to underpin the Government’s 2021 Hydrogen Hub strategy, and informed submissions to government inquiries into hydrogen development.
In August it won the Australian Museum’s Eureka Prize for Innovative Research in Sustainability.
Access the tool here.
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