EU target proposals for 2040 call for effort

New targets from the European Commision

The European Commision has committed to a target of ‘net zero’CO₂ emissions by 2050. This will require a significant reduction in emissions in the coming years. In addition to the development and implementation of technologies for the capture and storage or use of CO₂. This is particularly targeted at sectors where reducing CO₂ emissions is difficult or costly.

European Commission has presented a strategy on industrial carbon management. The strategy will be important for how different CO₂ management solutions (CCS, CCU and CDR) can contribute to reducing CO₂ emissions in the EU. And achieving climate neutrality by 2050. “The EU is proposing that government and industry strengthen their cooperation on carbon management,” says Aslak Viumdal, Senior Advisor, Strategy and Business Development at Gassnova.

Increased CO₂ Storage Capacity

In the “Net-Zero Industry Act“, the European Commission has decided, among other things, to require oil and gas producers in the EU. To develop at least 50 million tonnes of CO2storage capacity per year by 2030. Based on the recommended EU climate target for 2040. This capacity will need to increase significantly in the future.

The EU’s approach to industrial CO₂ management involves a series of measures. This will enable rollout of technology and infrastructure to establish a common market for CO₂ in Europe in the coming years. As part of the strategy. The European Commission will prepare for possible regulation of transport and storage services for CO₂. This could potentially cover areas such as market and cost structures, third-party access, standards for CO₂ quality. And investment incentives for new infrastructure.

The EU Commission’s Joint Research Centre (JRC) in addition published a report on the future CO₂ transport network in Europe, and related investment needs.

Storage Atlas suggested by the European Commision

To help scale up the CCS market, the European Commission will develop guidelines for project permitting and an atlas of potential storage sites in Europe. It will also work with Member States to develop a platform to map and aggregate demand for CO₂ infrastructure services. This will be matched with transport and storage operators or CO₂ receivers. The Commission aims to establish a carbon account with a clear framework for the use of captured CO₂ as a resource for sustainable industry.

Incentivews

To create a solid foundation for a CO₂ value chain within the EU, the Commission is considering several incentives:

• Investment and financing: The EU and Member States will support industrial carbon capture projects through their energy infrastructure programmes. The Commission is considering whether some carbon capture projects can already be supported by market-based financing mechanisms, such as the Innovation Fund.
• Research, innovation and awareness-raising: The Commission is considering increasing funding for research and innovation on industrial CCS through existing programmes. In particular, Horizon Europe and the Innovation Fund. The Commission also supports the establishment of a knowledge exchange platform on carbon capture, utilisation and storage (CCUS).
• International cooperation: The Commission intends to strengthen international cooperation with partners involved in industrial carbon management. This applies to the reporting and accounting of carbon management activities. This will help to ensure that international carbon pricing frameworks consider sectors where carbon capture and storage is particularly challenging.