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France and steelmaker ArcelorMittal are jointly investing EUR 1.8 bn to curb emissions produced by the company’s steel plant in Dunkirk, Bloomberg reports. This move aims to cut France’s industrial emissions by 6%.
Where is the money going? The investment will fund two electric furnaces and a direct reduction plant, Bloomberg writes, citing Finance Minister Bruno Le Maire. The French government will put in as much as EUR 850 mn.
Vive la France: France beat out Belgium, Germany, and Spain to acquire the decarbonization investment from ArcelorMittal, which Le Maire described as a “major victory for France.” The steel producer will sign a letter of intent with Electricite de France SA for a long-term nuclear power supply contract.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- EAIF raises USD 294 mn in debt: The Emerging African Infrastructure Fund (EAIF) has raised USD 294 mn in debt capital from Allianz Global, Standard Bank, and German state-owned development bank KfW to expand continental and Asia-bound investments on energy transition and smart city infrastructure projects through to 2025. (Bloomberg)
- BMW expects EVs to drive growth going forward: BMW’s combustion engine car sales reached their “tipping point” in 2023 and the company now expects growth to be driven by EVs moving forward. EV sales rose 75% last year for the luxury car brand, led by the i4 sedan and other models. (Bloomberg)
- Hertz to sell a third of its EV fleet: Car rental company Hertz is going back on its decision to invest in EVs and is now selling 20k of its vehicles — mainly Teslas. The decision to slow down EV expansion plans comes on the back of declining demand, less consumer spending, and market competition. (CNBC)
