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Business Economy

ArcelorMittal joins Breakthrough Energy’s Catalyst program, commits US$100 million

New Delhi, Sep 20 (UNI) Steel and mining major ArcelorMittal on Monday said that it has become an anchor partner in Breakthrough Energy’s Catalyst program, committing to an equity investment of $100 million over the next five years.
ArcelorMittal’s investment will be made through its XCarb innovation fund which was launched earlier this year.
"The company anticipates investing up to $100 million annually through the fund in companies developing technologies with the potential to support and accelerate the transition to zero-carbon emissions steel-making," the steel giant said in a statement.
Founded by Bill Gates, Breakthrough Energy is committed to scaling the technologies the world needs to reach net-zero emissions by 2050.
Breakthrough Energy’s efforts include investment vehicles, philanthropic programs, policy advocacy, and other initiatives, including Catalyst.
Catalyst, launched earlier this year, is a new model for how companies, governments, and private philanthropy can finance, produce, and ensure widespread adoption of next-generation clean technologies.
“The Catalyst program is innovative and necessary. It brings together public and private finance with the objective of fast-tracking the deployment of projects which can deliver significant carbon reduction. For ArcelorMittal and the steel industry this kind of initiative is critically important," said Aditya Mittal, CEO, ArcelorMittal.
Bill Gates, Founder, Breakthrough Energy noted, “Avoiding a climate disaster will require a new industrial revolution. We need to make the technologies and products that don’t cause emissions as cheap as those that do, so the whole world can afford them and reach our climate goals."
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