According to a steel giant, ArcelorMittal wants to invest $ 100 million (€ 85 million) in a new initiative to support clean technologies created by a firm founded by Bill Gates.
The catalyst initiative, which was introduced earlier this year, seeks to achieve net zero emissions by 2050 through new carbon-reduction technology.
The initiative is part of a groundbreaking energy firm created by Microsoft co-founder Bill Gates, where businesses and governments can fund and develop clean technologies like green hydrogen and sustainable aviation fuels. Concentrate on how to go about doing it.
ArcelorMittal, located in Luxembourg, has committed to a $ 100 million (€ 85 million) equity investment over the next five years, according to a press statement.
“To avert climatic calamities, a new industrial revolution is required,” Bill Gates stated. “We need to make non-emission technology and goods more affordable so that everyone can buy them and help us achieve our climate goals.”
According to a report by researchers Indah Street Tracker, the European steel sector would need to transition from coal blast furnaces to low-carbon technologies over the next 12 years to avoid surpassing the Paris Agreement’s climate change objectives.
In the summer, ArcelorMittal and the Spanish government signed a memorandum of understanding for a $ 1 billion investment to create the world’s first large-scale zero-carbon steel mill.