Global steel giant ArcelorMittal announced that it has become an anchor partner in Breakthrough Energy’s Catalyst program, committing to an equity investment of USD 100 million over the next five years. ArcelorMittal’s investment will be made through its XCarb innovation fund which was launched earlier this year. Founded by Mr Bill Gates, Breakthrough Energy is committed to scaling the technologies the world needs to reach net-zero emissions by 2050. Breakthrough Energy’s efforts include investment vehicles, philanthropic programs, policy advocacy, and other initiatives, including Catalyst. Catalyst, launched earlier this year, is a new model for how companies, governments, and private philanthropy can finance, produce, and ensure widespread adoption of next-generation clean technologies. The program will initially focus on four decarbonisation technologies: Direct Air Capture DAC; Green Hydrogen; Long Duration Energy Storage LDS and Sustainable Aviation Fuel SAF.ArcelorMittal anticipates investing up to USD 100 million annually through the fund in companies developing technologies with the potential to support and accelerate the transition to zero-carbon emissions steelmaking. To date, ArcelorMittal has invested USD 10 million in Heliogen, a renewable energy company which focuses on unlocking the power of sunlight to replace fossil fuels and USD 25 million in Form Energy, which is working on the development of its breakthrough energy storage technology.ArcelorMittal recently published its second group climate action report in which it announced 2030 global CO2e intensity reduction target of 25% and increased its European 2030 CO2e intensity reduction target to 35%. The Company had previously, in September 2020, announced its ambition to reach net zero by 2050. The report outlined the five key levers⦁\tSteelmaking transformation⦁\tEnergy transformation⦁\tIncreased use of scrap⦁\tSourcing clean electricity⦁\tOffsetting residual emissionsIt also detailed several of the projects the Company is undertaking to reach its 2030 reduction target. These include plans to create the world’s first zero carbon emissions steel plant in Sestao in Spain and convert its Canadian flat steel operations to DRI-EAF steelmaking through a CAD 1.8 billion investment which will reduce CO2 emissions by 60%.