Europe’s second largest utility, Iberdrola, has kickstarted plans for a commercial-scale plant to produce green steel. Tapping Swedish start-up H2GS, for its process that replaces natural gas with hydrogen in the production of direct reduced iron, the move sounds the firing pistol for an overnight switch in investments towards clean approaches to the industry. The plan outlines the world’s largest green steel production plant to date – a record that will surely be broken in coming months, given the acceleration of the industry. With a total budget of €2.3 billion, funded through a combination of public funding, green project financing and equity, Iberdrola and H2GS will spearhead the creation of a 1 GW plant to produce green hydrogen using renewable…