Irish building materials firm Kingspan has announced it has invested an undisclosed sum in a company committed to producing green steel using hydrogen.
The firm, named H2 Green Steel, claims to have developed technology that could enable steel production with 95% less carbon dioxide emitted compared to conventional methods.
The €2.5 billion (£2.1bn)-project will see a large-scale green hydrogen plant being built in northern Sweden to produce an estimated five million tonnes of ‘green steel’ by 2030.
The green hydrogen will be produced by electrolysis using electricity generated from hydro and wind power.
According to recent research, the building and infrastructure sectors account for nearly 52% of the global demand for steel.
Data shows steel accounts for 7% of carbon dioxide emissions emitted globally.
Gene Murtagh, Chief Executive Officer of Kingspan Group, said: “We have set ourselves the challenging target of reducing emissions from the primary raw materials we use in manufacturing by 50% by 2030 and H2 Green Steel offers a compelling route to achieving this goal.”