TOKYO -- Japan will grant nearly 450 billion yen ($3.04 billion) in subsidies for developing a new steelmaking process that slashes carbon dioxide emissions, the government said Friday, more than doubling the assistance previously earmarked.
The Ministry of Economy, Trade and Industry outlined the new plan during a panel meeting. The subsidies will go toward hydrogen reduction steelmaking, which is expected to cut CO2 emissions by 50% or more.
