The Greens will push for a $500 million investment in helping steelmaking regions transition away from coal — if the party holds the balance of power following the federal election.
The plan includes setting up a Green Steel Innovation Fund to allocate grants, and a green metals bank to help finance businesses commercialising zero-emissions technologies.
It is a key part of the Greens' plan to phase out the metallurgical coal industry by 2040.
Greens Leader Adam Bandt said it would put Australia in pole position to capitalise on the energy transition.
"It would allow us to create thousands of jobs locally and it would mean we would be a country that makes things," Mr Bandt said.
"The rest of the world is going to need green steel and we are in a perfect position here, with not only the manufacturing know-how, but also the intellectual know-how and the resources, to be world leaders in green steel."
The investment would be targeted at steel and iron regions like Whyalla, the Pilbara, and the Illawarra.
The Greens announced the plan at Australia's largest steelmaker BlueScope Steel in Port Kembla — with the region set to receive $200 million over five years.
"We want to support people during the transition," Mr Bandt said.
"So as long as Liberal and Labor have their fingers in their ears and their hands over their eyes, communities and workers are the ones who will pay the price."
Balance of power
The Greens secured 10.4 per cent of the primary vote in the lower house in the 2019 federal election, with Adam Bandt the only candidate to win a seat.
However, Mr Bandt is confident in the Greens' chances of holding the balance of power in the Senate at this year's poll.
"One thing is crystal clear — no major party will have a majority in the Senate and the Greens are on track to hold the balance of power," Mr Bandt said.
"That puts the Greens in a very strong position."
David Shoebridge is running first on the Green's NSW Senate ticket after making the switch from state politics.
He said stopping new gas and coal projects currently in the pipeline would also be on their agenda.
"In the balance of power, the Greens will tackle the climate crisis by stopping Liberal and Labor's 114 new coal and gas mines, with direct public investment and long-term policies that create new industries and jobs in traditionally coal-dependent communities."
