illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: A €6.5bn project by H2 Green Steel in Sweden aims to cut traditional steelmaking carbon emissions by 95% using green hydrogen produced from hydroelectric power
• Production is expected to begin by mid-2026, initially targeting 2.5 million tonnes annually and scaling up to 5 million tonnes by 2030

🔭 The context: The steel industry, responsible for 7-9% of global CO₂ emissions, relies heavily on polluting coking coal
• H2 Green Steel’s project will use hydrogen to reduce iron ore, producing "green" iron, which is then processed in electric arc furnaces

🌍 Why it matters for the planet: This initiative could serve as a model for decarbonizing steelmaking, a critical step toward reducing global greenhouse gas emissions and achieving climate goals

⏭️ What's next: Success hinges on securing customers willing to pay a premium for green steel, with contracts already in place with BMW, Porsche, and others
• Expansion plans include potential projects in Canada, Brazil, the US, and Portugal

💬 One quote: "This is our first project, not our last," says Henrik Henriksson, CEO of H2GS, highlighting the company’s global ambitions

📈 One stat: Electrolysers at the integrated plant will produce 100,000 tonnes of hydrogen per year, marking it as one of Europe’s largest green hydrogen facilities

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