US awards record $6 billion to back industrial emissions reduction projects

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https://www.reuters.com/sustainability/sustainable-finance-reporting/us-awards-record-6-bln-back-industrial-emissions-reduction-projects-2024-03-25/

By Andrea Shalal and David Shepardson, Reuters. 

Excerpt: The U.S. Energy Department on Monday announced $6 billion in federal funding to subsidize 33 industrial projects in 20 states to cut carbon emissions, saying the investment would support well-paying union jobs and boost U.S. competitiveness. Energy Secretary Jennifer Granholm will unveil the awards during a visit to a Cleveland-Cliffs Steel Corp (CLF.N), opens new tab facility in Middletown, Ohio, which will receive up to $500 million to install two new electric arc furnaces and hydrogen-based technology to reduce greenhouse gas emissions by 1 million tons. ...Together, the projects are expected to eliminate 14 million metric tons of pollution each year, equivalent to taking some 3 million gas-powered vehicles off the road, she said. The Portland Cement Association, an industry group, said the funding "is a welcome acknowledgement from the government that America’s cement manufacturers are taking ambitious and significant steps toward reaching carbon neutrality." ...Production of cement, the main ingredient of concrete, accounted for 7% of global CO2 emissions in 2019, the International Energy Agency estimates. ...Granholm said the projects would slash emissions from industries such as iron and steel, cement, concrete, aluminum, chemicals, food and beverages, pulp and paper, which account for about a third of U.S. carbon emissions.... 

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