August 29, 2019 / 11:00 AM / 23 days ago

Britain to fund steel in 390 million pounds climate change package

FILE PHOTO: A general view shows the British Steel works in Scunthorpe, Britain, May 21, 2019. REUTERS/Scott Heppell/File Photo

LONDON (Reuters) - Britain announced 390 million pounds of spending for low carbon technology on Thursday, most of which will go to the steel industry in a fund to help it reduce emissions.

The announcement of the 250 million pound Clean Steel Fund was accompanied by a 100 million pound fund to develop the production of hydrogen, which emits no greenhouse gas when burned.

The remaining 40 million pounds will be spent on much smaller projects, including 150,000 pounds for a Scottish gin distillery heated by hydrogen instead of natural gas, reducing emissions by the equivalent of 18 cars.

The funding is part of Britain’s efforts to meet its target to reach net zero greenhouse gas emissions by 2050 to help curb rising global temperatures.

“Developing hydrogen technology has the potential to not only reduce emissions from industry, but could also help us seize the opportunities of the global shift to cleaner economies,” Climate Change Minister Ian Duncan said in a statement.

The government has issued a call for evidence from the steel industry to help it design the new Clean Steel Fund.

Reporting by Susanna Twidale and Lefteris Karagiannopoulos

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