ArcelorMittal to finance decarbonization projects in India

ArcelorMittal, one of the world’s largest steel producers, is launching a program to finance and support decarbonization projects in India through the XCarb Innovation Fund. Kallanish reports about it.

Together with the Indian Institute of Technology (IIT Madras), the company will identify and support green start-ups that contribute to the decarbonization of industry. The program is also supported by the Indian steel mill ArcelorMittal AMNS, which is actively developing its decarbonization strategy, as well as initiatives to reduce emissions from steel production.

“The priority of reducing carbon emissions in our production remains the basis of the company’s long-term strategy. Our Innovation Fund exists to find interesting global ventures focused on decarbonisation. India as a technology leader in the industry combined with efforts to become a climate leader is a potential participant in the program,” said ArcelorMittal CEO and Chairman of AMNS India Aditya Mittal.

Collaboration with IIT Madras will boost growth of green start-ups in India and give an additional boost to ArcelorMittal and AMNS India’s decarbonization initiatives, he said.

The XCarb Innovation Fund is dedicated to investing in innovations with the potential to accelerate the global steel industry’s transition to zero-carbon manufacturing and support industry decarbonisation.

The project started working in March 2021. Since then, more than $122 million has been invested in steel industry decarbonisation, including investments in U.S. electric services company Heliogen, renewable energy storage company From Energy, carbon recycling company LanzaTech, as well as H2Pro and NerraPower.

As GMK Center reported earlier, previously ArcelorMittal announced its intention to invest $25 million in U.S. nuclear power company Terra Power through its XCarb innovation fund.