The Western Australian Government has released the state’s first-ever environment, social and governance (ESG) information pack, which includes Minerals Research Institute of Western Australia (MRIWA) challenges as an essential component to achieving the outcomes.
The MRIWA has two challenges that appear in the ESG information pack; the Net Zero Emission Mining challenge and the Green Steel challenge.
The Net Zero Emission Mining challenge aims to reduce the carbon footprint, lower overall energy costs and improve the energy efficiency of the WA mining sector through harnessing collective efforts and enabling decarbonisation to become an opportunity for the sector rather than a cost.
With a global shift towards decarbonisation, WA is at the forefront of a significant economic opportunity, given the mineral resources that the transition to renewable energy needs.
WA supplies the minerals used for wind and solar energy generation, electric vehicles and battery storage which will enable the international community to achieve the Paris Agreement goals of net zero emissions by 2050.
With this opportunity also comes a challenge in ensuring new and increased demand for these resources meets rising ESG expectations and does not negatively impact the competitiveness of the mining sector.
The Green Steel challenge aims to enable WA to maximise the use of its magnetite and hematite iron ore resources, and emerging hydrogen and renewable energy potential, to support the global green steel ambitions, creating new markets and industries for the state.
With the steel industry causing seven per cent of global CO2 emissions, there is a significant focus on the development of green steel to reduce this.
WA has a significant amount of under-utilised magnetite resources and a potential green hydrogen production capacity which would enable the state to participate in the emerging green steel industry.
The ESG pack shows that through a combination of economic strength, government leadership and comparative advantage in natural resources, WA can accelerate its progress towards lowering carbon emissions.