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The U.S. Department of Energy announced investments of over $250 million aimed at advancing projects […]]
U.S. Invests $254 Million in Industrial Decarbonization Projects, Technologies – ESG Today
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Environment/ Government
U.S. Invests $254 Million in Industrial Decarbonization Projects, Technologies
Mark Segal
January 29, 2024
The U.S. Department of Energy announced investments of over $250 million aimed at advancing projects and technologies to decarbonize the industrial sector, including $171 million for 49 selected projects to reduce industrial greenhouse gas emissions, and the opening of applications for $83 million of funding targeting hard-to-decarbonize sectors, such as chemicals, steel, food, and buildings.
The advancement of industrial decarbonization has been a key focus area for the Biden administration’s climate agenda, with the industrial sector accounting for nearly a third of the U.S.’ emissions. The administration’s Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BIL) include allocations of nearly $500 billion to climate-focused investments in areas including carbon-free energy, manufacturing and clean technologies.
U.S. Secretary of Energy Jennifer Granholm said:
“Ensuring America’s industrial sector and its robust workforce remain strong and competitive is key to maintaining our nation’s edge as a global economic powerhouse and accelerating President Biden’s vision of a strong, made-in-America clean energy future.”
Focus areas for the allocations for the selected projects include $37 million for projects focused on decarbonization opportunities in iron and steel production, including manufacturing technologies, electrification and utilizing hydrogen; $30 million for decarbonization technologies for high-volume chemicals, such as advanced separations processes, advanced reactor systems, and dynamic catalyst science; $25 million for projects aimed at decarbonizing industrial heat and thermal processes; $21 million to advance low carbon fuel utilization, and; $20 million for cement and concrete decarbonization projects and technologies.
The $83 million funding opportunity will be focused on applied research, development and demonstration targeting the highest-emitting sectors including chemicals and fuels, iron and steel, food and beverage, building and infrastructure materials, and forest products. According to the DOE, these sectors account for over 65% of U.S. industrial manufacturing emissions, and are essential to decarbonizing supply chains.
Granholm added:
“Today’s announcement will help advance the innovative technologies we need to lower costs and improve energy efficiency in America’s factories and industrial centers.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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