Research project BIOCON - CO2 has recently been launched in Spain to develop carbon dioxide ( CO2 ) re - use technologies . According to the study, the equivalent of between one and four trillion US dollars could be wiped off the global economy in fossil fuel assets alone. The € 7 m ( $ 1 m ) EU Horizon 2020 project aims to re - use excessive CO2 emissions in the iron , steel , cement and electric power industries to create value added plastics and chemicals by using low energy biological conversion techniques to produce chemical products , such as industrial acids . The research project aims to improve the energy efficiency of the steel industry , develop CO2 re - use technologies , and help to reduce EU dependency on fossil fuel resources .
Research project BIOCON - CO2 has recently been launched in Spain to develop carbon dioxide ( CO2 ) re - use technologies . The € 7 m ( $ 1 m ) EU Horizon 2020 project aims to re - use excessive CO2 emissions in the iron , steel , cement and electric power industries to create value added plastics and chemicals by using low energy biological conversion techniques to produce chemical products , such as industrial acids . The research project aims to improve the energy efficiency of the steel industry , develop CO2 re - use technologies , and help to reduce EU dependency on fossil fuel resources .