Tuesday 19 May 2020

EIB injects €75m into innovative low carbon steelmaking technologies

The European Investment Bank (EIB) has granted a €75 million (£66m) loan for two fuel projects in Belgium set to reduce up to 350,000 tonnes of carbon dioxide per year in their first phase.

This is equivalent to the greenhouse gas (GHG) emissions produced by a quarter of a million passenger vehicles being driven for one year - it will be delivered by creating new fuels to be used in steelmaking processes.

The first plant will capture waste gases and convert them into recycled carbon ethanol, a recycled carbon chemical which can then be blended for use as a liquid fuel. Once complete, the plant is expected to produce up to 80 million litres of recycled-carbon ethanol a year.

The second facility will be able to convert up to 60,000 tonnes of wood waste into around 40,000 tonnes of bio-coal every year.

Ambroise Fayolle, EIB Vice-President, said: “Even in the current difficult times, Europe keeps its ambitious climate targets and the EIB, the EU climate bank, is committed to continuing to be a key partner.

"In particular in the steel industry, it means finding new ways to power machines and processes that are essential for reducing carbon emissions."

Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, said: “This EU backed loan will enable us to demonstrate that European steelmaking plants can be competitive while reducing carbon emissions and help us attain our climate goals."