USA grants subsidy to make industry greener – 03/25/2024 – Market

The U.S. Department of Energy on Monday announced $6 billion in federal funding to subsidize 33 industrial projects in 20 states to reduce carbon emissions, saying the investment should support good-paying jobs and boost competitiveness. from the USA.

Energy Secretary Jennifer Granholm will tout the support during a visit to a Cleveland-Cliffs Steel Corp. facility in Middletown, Ohio, which will receive up to $500 million to install two new hydrogen-based furnaces to reduce greenhouse gas emissions. greenhouse effect by 1 million tons.

Granholm said the initiative, the largest investment in industrial decarbonization in US history, would leverage a total of US$20 billion, including companies’ share of the costs.

Together, the projects are expected to eliminate 14 million tons of pollution per year, which is equivalent to taking about 3 million vehicles off the streets, she said.

The Portland Cement Association, an industry group, said the funding “is a welcome recognition from the government that U.S. cement manufacturers are taking ambitious and significant steps to achieve carbon neutrality.”

The manufacturing of building materials is a significant source of global carbon dioxide (CO2) emissions. In the case of cement, the main ingredient in concrete, it was responsible for 7% of global CO2 emissions in 2019, according to estimates by the International Energy Agency.

The government’s support comes as US President Joe Biden’s re-election campaign in 2024 begins to heat up, with the Democratic president and other important officials traveling to disputed states to promote economic policies and job creation from the government.

Granholm said the projects will reduce emissions from sectors such as iron and steel, cement, concrete, aluminum, chemicals, food and beverages, and pulp and paper, which account for about a third of U.S. carbon emissions.