As per ESG Today, DOE's announcement marks the largest financial commitment from the US to decarbonize its industrial sector and the projects are expected to cut annual CO2 emissions by as much as 14 million tons.

US officials also expect the upcoming projects to be able to cut emissions by around 77% and overall investments could reach over 20 billion USD to demonstrate commercial-scale decarbonization solutions in areas such as energy efficiency, alternative fuels and clean power solutions.

The projects that have been selected to receive funding are in industries such as chemicals and refining, cement and concrete manufacturing and iron and steel production. Paper production and food and beverages companies will also be receiving part of the 6 billion USD investment to showcase low-carbon solutions.