EU targets 2040 carbon removals on path to Net Zero
To reach Net Zero by 2050, Europe will need technologies that capture, store and reuse significant volumes of CO2 by 2040 in tandem with reducing emissions by 90% from 1990 levels, the EU Commission says.
EU carbon storage capacity should ramp up from 50 million t/y by 2030, to 280 million t/y by 2040, and 450 million t/y by 2050 as a key element of the region’s industrial carbon management strategy. Accordingly, the Commission has outlined overarching goals to help achieve the EU’s carbon targets:
- Establish a single market for CO2
- Develop regulations for CO2 transport and storage
- Assess levels of industrial carbon removals
- Develop guidance for project permitting processes and pinpoint potential sites
- Establish a clear carbon accounting framework for using captured CO2 as a resource
Underlaying the Commission’s aims is the establishment of “an enabling business environment for a CO2 value chain in the EU”, supported by “horizontal actions” to encourage CCUS investments. These include:
- Investment and funding by the EU and Member States
- Boosting research, innovation, and public awareness
- Fostering international co-operation
Commenting on the EU Commission’s plans, Standard Gas Chief Executive, David Whitmarsh, says: “Long-term, stable, and targeted policies are essential to guide and encourage investment in carbon management by both the private and public sectors. So, in that sense, the Commission is doing its job. Hopefully, the UK Government will pay close attention to the EU developments and look to achieve a degree of policy alignment to help UK companies grow their business in the region.
“As a UK-based company commercialising a technology that addresses the requirements for both carbon removal and transition to more renewable, sustainable energy, we were pleased to see the UK Government re-join Horizon Europe late last year. As well as a key channel for technological innovation and cooperation in Europe, Horizon is also a conduit for funding from which the UK may benefit. However, the fact that the UK now sits outside the EU’s Single Market means the future development of our business in Europe will almost certainly require us to create a corporate entity in a country within the wider EU jurisdiction.”
To read more about the EU Commissions carbon management plans: https://ec.europa.eu/commission/presscorner/detail/en/ip_24_585
Ed Falkman, Executive Chairman and David Whitmarsh, Chief Executive, Standard Gas.
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