The Economic Fairways Mapper, an online tool for rapid economic modelling of resource development projects in Australia, has been expanded to also identify the potential of renewable energy projects.
The online tool, developed as part of the Australian Government‘s Exploring for the Future program, aids in identifying the economic potential of resources projects in Australia.
The map identifies investment hurdles, technical challenges, and knowledge gaps, allowing users to assess regional renewable energy availability and its impact on Australian iron and steelmaking costs.
The Mapper uses renewable energy data to model steel production costs and spatial variations, offering valuable insights into the economics of establishing a green steel industry in Australia.
Minister for Resources and Northern Australia Madeleine King complimented the Mapper for its practical applications in identifying renewable energy potential and directing investment decisions.
“The Economic Fairways Mapper is another way the Australian Government is forging ahead on the road to net zero,” Minister King said.
“Tools like these are vital to attracting much-needed investment, particularly in regional areas,” Minister King added.
The Economic Fairways Mapper, developed by Monash University and Geoscience Australia, has been awarded the Eureka Prize by the Australian Museum for its innovative research in sustainability.
Monash University Deputy Director of Resources Engineering Dr Stuart Walsh said the Mapper’s true benefit was its capacity to provide regional assessments of the economic prospects for future green iron and steel projects.
“Using these methods in place of conventional iron and steel production has the potential to eliminate significant amounts of global greenhouse gas emissions,” Dr Walsh stated.
