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<p>The Government recognises the importance of research and development in helping
to transform the steel sector so that it can play a vital role in developing a cleaner,
greener economy in the UK.</p><p> </p><p>The Government has announced the £250m Clean
Steel Fund to help the sector transition to lower carbon iron and steel production,
and this could potentially include supporting hydrogen-based steelmaking. It is also
providing up to £66m as part of the Industrial Strategy Challenge Fund, to help key
foundation industries, such as steel, develop innovative technology to reduce energy
and resource use.</p><p> </p><p>The Government also plans to establish a Net Zero
Hydrogen Fund (previously Low Carbon Hydrogen Production Fund): with £240m of capital
co-investment out to 2024/25. This will support at-scale hydrogen production projects,
allowing steel producers the potential to access to secure supplies of lower cost
hydrogen.</p><p> </p><p>More broadly the £1bn Net Zero Innovation Portfolio provides
funding for low carbon technologies and systems to support decarbonising our power,
homes and industry as set out in the Ten Point Plan for a Green Industrial Revolution.</p>
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