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U.S. Department of Energy announces $6bn investment in industrial decarbonisation

The U.S. Department of Energy has announced the largest investment in industrial decarbonisation in American history with  approximately $6 billion in funding being allocated to reduce industrial emissions.

Funded by the potentially epoch-changing Inflation Reduction Act, the Industrial Demonstrations Programme will ‘focus on the highest emitting industries where decarbonisation technologies will have the greatest impact, such as iron and steel, aluminum, cement and concrete, and other energy-intensive industrial processes.’

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Industrial emissions account for roughly one third of America’s carbon footprint, and the sector is considered one of the most difficult to decarbonise due to the variety of energy input and processes. 

U.S. Secretary of Energy Jennifer M. Granholm said: ‘Today’s announcement is yet another exciting step in the race to fully decarbonise our heavy industries, and will help drastically reduce harmful pollution while ensuring America’s manufacturing sector is strong and competitive.

‘President Biden’s transformational investments in innovation and clean energy are supporting American industries as they create new economic opportunities across the country while leading the world in clean manufacturing technologies.’

The Department of Energy will prioritise projects that:  

  • Accelerate industry towards deep decarbonisation
  • Spur follow-on investments for widespread adoption of the demonstrated technologies
  • Enable new markets for cleaner products
  • Benefit local communities.  

Applicants for funding will be required to submit a Community Benefits Plan which ensures they are engaging with the local community as well as ‘creating quality jobs and investing in the American workforce; advancing diversity, equity, inclusion, and accessibility; and supporting environmental justice.’

Only yesterday we reported on the UK’s  Institute of Directors calling on the Government to attempt an equivalent of Biden’s Inflation Reduction Act. Adding that Bloomberg had reported from an energy conference in Texas: ‘in the hallways, meeting rooms and reception areas…this week, oil and gas executives can’t stop gushing about the opportunities unleashed by the Inflation Reduction Act.’

Image: Peter Herrmann

 

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