April 20, 2024
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RENEWABLE ENERGY

U.S. Announces $6 Billion Investment to Cut Industrial Carbon Emissions

The U.S. Energy Department has revealed a $6 billion federal funding initiative to subsidize 33 industrial projects across 20 states, aimed at reducing carbon emissions.

Energy Secretary Jennifer Granholm highlighted the investment’s potential to create well-paying union jobs and enhance U.S. competitiveness, Reuters reports.

During a visit to a Cleveland-Cliffs Steel Corp facility in Middletown, Ohio, Granholm unveiled the awards, including up to $500 million for installing two new electric arc furnaces and hydrogen-based technology, reducing greenhouse gas emissions by 1 million tons.

This initiative marks the largest industrial decarbonization investment in U.S. history, leveraging a total of $20 billion, including company contributions.

The projects are projected to eliminate 14 million metric tons of pollution annually, equivalent to removing 3 million gas-powered vehicles from the road.

Industries targeted for emissions reduction include iron and steel, cement, concrete, aluminum, chemicals, food and beverages, pulp and paper, collectively responsible for a third of U.S. carbon emissions.

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.”

Notable recipients of the funding include Century Aluminum, set to build the first U.S. primary aluminum smelter in 45 years, and Dow Chemical, receiving support for producing electrolyte solutions crucial for electric vehicle batteries.

Additionally, ExxonMobil secured an award to transition to hydrogen for ethylene production, a significant step in reducing emissions in chemical manufacturing.

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