Green steel is made with hydrogen instead of coal, meaning its by-product is water and delivers the lowest carbon footprint possible.

The Greens announced this morning they will push for a national $500 million green steel fund if they hold the balance of power along with “billions more in loans, equity and co-investment” to repurpose existing infrastructure.

Under the Greens’ plan, South Australia’s steel city of Whyalla would be the main beneficiary of the $500 million fund, with the remaining monies to go towards the New South Wales Illawarra region and Pilbara in Western Australia.

Greens lead South Australian senate candidate Barbara Pocock said industrial towns like Whyalla “have the most to gain from the green energy revolution”.

“The resilient people of Whyalla have had to fight off repetitive threats of job losses,” she said in a statement.

“I know as a labour economist that we can secure their future with a plan that invests in the green technologies that will power their future, and create good jobs for the kids of the region while helping protect our planet.”