United States' Focus Increases on Decarbonization in Heavy Industry
On Oct 17, 2023, The U.S. Energy Secretary, Jennifer Granholm, has emphasized that hydrogen is the most promising solution to decarbonize heavy industries. This assertion is backed by the $7 billion Hydrogen Hub program, which aims to reduce carbon emissions in areas where wind and solar applications face challenges.
Considering the MarketsandMarkets report on Carbon Capture, Utilization, and Storage (CCUS), the global CCUS market is projected to grow significantly. This growth is driven by the increasing demand for CO2 injection techniques for enhanced oil recovery and the rising environmental concerns leading to the implementation of environmental regulations.
Furthermore, the iron and steel market report highlights the significant carbon emissions from the iron and steel industry, which is one of the major contributors to global CO2 emissions. The decarbonization of this industry is crucial for achieving global climate targets.
In this context, the emphasis on hydrogen as a decarbonization tool is pivotal. Hydrogen can play a vital role in reducing carbon emissions, especially in heavy industries like iron and steel production, where traditional renewable energy sources might not be as effective.
The U.S. Energy Secretary's statement on hydrogen's role in decarbonizing heavy industries is significant. It aligns with the global trend of investing in carbon capture and utilization technologies and highlights the importance of transitioning heavy industries towards more sustainable practices. The integration of hydrogen in these industries can lead to a substantial reduction in global carbon emissions, making it a special development for the decarbonization movement.
MarketsandMarkets Industry News Desk
Letter to EditorGET AHEAD
Top Research Reports to Fuel Your Industry Knowledge- Carbon Capture, Utilization, and Storage Market by Service (Capture, Utilization, Storage, Transportation), Technology (Chemical Looping, Solvents & Sorbents, Membranes), End-use Industry (Oil & Gas, Power Generation, Chemical & Petrochemical, Cement, Iron & Steel), and Region - Global Forecast to 2030
- Iron & Steel Market by Type (Iron and Steel), Iron Production Technology, Steel Production Technology, End-use Industry (Construction & Building, Automotive & Transportation, Mechanical Equipment, Metal Products), and Region - Global Forecast to 2030
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Major Contributors o Global CO2 Emissions
The iron and steel market report highlights the significant carbon emissions from the iron and steel industry, which is one of the major contributors to global CO2 emissions.
