The UK government announced funding of £167mn ($235mn) towards green solutions for heavy industries. The investment is under the Green Industrial Revolution program and allows UK steelmakers to apply for it.
According to media reports, new technologies include better carbon capture and storage solutions and hydrogen fuel solutions to decarbonize industries.
Of the total funding, £60mn or 36pc has been allocated towards low carbon hydrogen solutions for producing electricity per reports on Wednesday. An accelerated ramp-up in hydrogen technology and infrastructure will help steel mills expand energy sources and reduce energy costs while moving towards net-zero carbon emissions by 2050.
The greater £12bn plan has 10-points for a green industrial revolution that includes further hydrogen investments. The plan is anticipated to support 250,000 new jobs and includes generation of 5GW of low carbon hydrogen capacity by 2030 at an investment of £500mn.