The European Commission’s Net-Zero Industry Act Seeks to Drive CO2 Storage in Europe
19th March 2023
As part of the Green Deal Industrial Plan, the European Commission has proposed the Net-Zero Industry Act to support the clean energy transition. The legislation will seek to scale up technologies that will drive decarbonisation, including carbon capture and storage.
The Act proposes a CO2 injection target of 50 million tonnes per year by 2030, which will be stored within the European Union (EU). To reach its intended injection target, the Act notes that it will turn to oil and gas companies to convert their depleted fields to CO2 storage sites, where possible, given the industry’s skills, resources, and pre-existing assets.
The Commission states that further development of permanent geological CO2 storage will enable capture projects to be realised. Through the Act, the Commission calls on member states to enhance their transparency and reporting, particularly as it relates to geological data, to ensure that the Union-wide injection target is met.
With the Act now proposed by the European Commission, the European Parliament and the Council of the European Union will assess the text, including its scope.
For more on the Net-Zero Industry Act, read here