The Global CCS Institute welcomes the EU Industrial Carbon Management Strategy unveiled by the European Commission as a new milestone for climate mitigation in Europe
7th February 2024
The Global CCS Institute welcomes the EU Industrial Carbon Management Strategy released on 6 February by the European Commission. The strategy represents a key milestone for the widescale deployment of carbon management technologies in the EU and the success of Europe’s decarbonisation strategy more broadly.
Published together with the new intermediate EU 2040 climate target, the strategy proposes a comprehensive approach to address all aspects of the CO2 value chain and creates an enabling environment for the deployment of carbon management technologies in the EU. These innovative technologies include Carbon Capture and Storage (CCS), Carbon Capture and Utilisation (CCU) and Carbon Dioxide Removal (CDR), which are key vehicles for climate change mitigation.
“The strategy presented by the European Commission recognises once again the crucial role carbon management is expected to play in Europe’s decarbonisation efforts alongside the deployment of renewables and other key climate mitigation options”, said Jarad Daniels, CEO of the Global CCS Institute. “The strategy sends a strong signal that carbon management technologies are part of the toolbox of solutions that need to be deployed widely and timely across Europe to reach the EU’s legally binding target of climate neutrality by 2050” added Mr Daniels.
While reiterating the need to develop at least 50 Mtpa of CO2 storage capacity by 2030, in line with the storage obligation proposed in the Net-Zero Industry Act, the European Commission’s assessment indicates that meeting the intermediate EU 2040 climate target and reaching climate neutrality by 2050 would require capturing approximately 280 Mtpa of CO2 by 2040 and around 450 Mtpa of CO2 by 2050.
The Institute welcomes a comprehensive approach to industrial carbon management in the EU, as well as quantifiable and verifiable milestones to ensure that the Paris Agreement’s objective to limit global warming to 1.5°C stays within reach.
“Setting clear targets is a crucial step to ensure predictability and further drive investment in those climate technologies that will be needed to reach Europe’s ambitious climate goals,” said Mr Daniels.
CCS is an essential, proven and versatile climate mitigation solution able to decarbonise a wide range of sectors our modern society relies on, including energy-intensive industries with limited or no alternative options to decarbonise their hard-to-abate emissions. While Member States are best positioned to decide on the appropriate applications of CCS in the framework of their national decarbonisation strategies, the Institute encourages the application of CCS to all sectors covered by the EU Emissions Trading System (EU ETS).
Establishing a functioning single market for industrial carbon management in line with the vision underpinned by the European Commission will require a timely development of the CO2 transport and storage infrastructure in the EU.
The Institute welcomes the European Commission’s plan to create an investment atlas of potential CO2 storage sites, which will be instrumental to map potential storage capacity and opportunities to build the necessary CO2 storage infrastructure across Europe.
The Institute also welcomes the European Commission’s intention to initiate preparatory work in view of a proposal for a possible future CO2 transport regulatory package.
As legal certainty is crucial to influence investor’s confidence and boost investment in both CO2 transport and storage infrastructure, the Institute encourages the European Commission to prioritise the development and implementation of a fit-for purpose EU-wide CO2 infrastructure regulatory framework to complement the existing legislation on CO2 transport and storage.
Driving CCS deployment across the region at the necessary scale will also require the adoption of a comprehensive policy approach able to create greater coordination and synergies between EU funds, national subsidies, private investments and enhanced demand for green products that could be leveraged by CCS projects.
Finally, the Institute welcomes the European Commission’s intention to work alongside Member States and industry to increase public understanding and awareness, as well as stimulate debate around industrial carbon management technologies.
The Institute stands ready to work with the European Commission and all relevant stakeholders to promote efficient deployment of carbon management to achieve climate targets cost-effectively.
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About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and deliver climate neutrality. For more information, visit www.globalccsinstitute.com
Media Contact: Daniela Peta (Brussels, Belgium), firstname.lastname@example.org