The oil and gas industry also commended the move, saying the EU-wide target for CO2 injection capacity will provide “a clear objective” for the sector’s decarbonisation. It’s time for them to step up and take responsibility to enable access to CO2 storage in Europe,” he said in a statement. “Oil and gas producers have the technology and resources to put CO2 back in the ground permanently. “Putting the responsibility to deal with emissions on the biggest emitters is a fantastic step,” said Eadbhard Pernot, from the Clean Air Task Force, an environmental pressure group. Supporters of CCS were thrilled by the announcement and welcomed the obligation placed on oil and gas companies to provide storage facilities. Oil and gas companies, for their part, are requested to submit to the Commission “a plan detailing how they intend to meet their contribution to Union CO2 injection capacity objective by 2030”, the draft regulation says. Under the Commission’s proposed regulation, EU countries would have to publish data on areas where CO2 storage sites can be permitted and report on a yearly basis about progress made with CO2 storage projects on their territory. To scale up the technology, “the EU needs to develop a forward-looking supply of permanent geological CO2 storage sites,” the Commission argued, adding that CCS requires a “cross-border, single market approach” in order to be an effective climate solution for industries in all EU member states. However, it is currently confronted with a “coordination failure”, the EU executive added, because of the lack of CO2 geological storage sites available. By mid-century, the EU would need to capture up to 550 million tonnes of CO2 annually in order to meet its objective of reducing emissions down to net zero, the Commission says. Reporting obligationĬCS is expected to grow to 80 million tonnes of CO2 in 2030 and reach at least 300 million tonnes in 2040, according to EU estimates. The opening marks an important moment for the EU’s green transition and industrial competitiveness, according to European Commission President Ursula von der Leyen, who spoke at the inauguration on Wednesday (8 March). It’s one of the ways they can contribute positively to the transition.”ĭenmark inaugurates world's first cross-border CO2 storage site “And this is something that the oil and gas industry is very well placed to do. “The reason we do this is because CCS is part of the solutions to reach climate neutrality,” in particular for energy-intensive industries like steel, cement and chemicals which have process emissions that cannot be tackled only through electrification, the official said. The European Commission now wants to see such projects replicated across the EU in order de-risk investments in CCS and set the conditions to ensure the technology is deployed at scale. “They actually have the assets, the skills, and the knowledge to provide with storage sites.”Įarlier this month, Denmark became the first country in the world to develop a cross-border CO2 storage site, shipping CO2 from Belgium and injecting it into a depleted oil field under the Danish North Sea. “And it is also accompanied by an obligation for fossil fuel companies – the oil and gas producers – to contribute to that target,” the official added. “It is indeed a legally binding target,” said a senior EU Commission official who briefed the press on Thursday. The European Commission set out a target on Thursday (16 March) to enable 50 million tonnes of annual carbon dioxide injection capacity by 2030, a move that puts the oil and gas industry under pressure to deliver on a technology they have been peddling for years.Ĭarbon capture and storage (CCS) is listed as one of the key technologies for the green transition in the Commission’s Net-Zero Industry Act, presented on Thursday.Īnd for the first time, it includes an EU-wide target to capture CO2, with a legally-binding objective of reaching an annual injection capacity of at least 50 million tonnes of CO2 by 2030.
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