South Sweden-based state owned mining company LKAB (Luossavaara Kiirunavaara Aktie Bolag), Europe's largest iron ore producer, is committed to significantly reducing carbon emissions by using green hydrogen in its operational processes. The company manages the world's largest underground iron ore mine in the Arctic city of Kiruna, which represents 80% of iron ore production in the European Union.
The new Hydrogen Breakthrough Ironmaking Technology (HYBRIT) aims to make steel production greener, with the potential to significantly reduce CO2 emissions. HYBRIT will contribute to the decarbonization of the steel industry and will use hydrogen, which eliminates oxygen and creates only water steam. It is described as a major step towards the complete decarbonization of the production process using iron ore pellets.
Accordingly, the EU Innovation Fund has contributed €143 million to this ground-breaking project. The Swedish government will assume the rotating Presidency of the Council of the EU and has a solution to implement the European Green Deal, but in order to deliver the solution, the EU needs to deliver on these goals and provide better conditions for industries, according to Ebba Busch, the country's Deputy Prime Minister and Minister of Energy, Enterprise and Industry.
Upcoming, the European Commission is preparing to present new proposals for a European Sovereign Fund aimed at boosting green industrial plans and public investment. These steps are important steps towards achieving Europe's sustainability goals.