of the nation’s greenhouse gas emissions. To help clean them up, the Biden Administration announced it would spend $6 billion on new technologies that could drastically cut these industrial emissions. The funding, from the Department of Energy, will go toThese projects run the gamut. Steel manufacturer Cleveland-Cliffs will get up to $500 million to replace a large coal-consuming blast furnace in Middletown, Ohio, with a hydrogen-ready direct reduced iron plant and two electric melting furnaces.
Gerard Barron, CEO of The Metals Company, sports a shaggy mop of hair, a rakish beard and a leather bomber jacket with a palm-sized, poly-metallic nodule in its pocket. Aside from setting off metal detectors, the nodule is a good conversation starter, since it was recovered from the Pacific Ocean seafloor, two miles down, where it formed over millions of years by precipitating atoms of metals out of the seawater.
We see Japan and Korea creating their own policies. Markets are shaping up all around the world. We have to decide: are we going to be a leader, as a country, on climate or not? We certainly see a robust market for the projects that we're delivering on. It's too bad that others aren't seeing that but I think they look at it through a different lens.