- The EU targets 50 million tonnes of CO2 storage capacity by 2030, growing to 280 million tonnes by 2040.
- The Commission will develop a CO2 transport and storage regulatory package.
- Funding for carbon management projects will be promoted through EU energy infrastructure programs and the Innovation Fund.
- The EU Emissions Trading System incentivizes CO2 capture for permanent storage.
EU's Carbon Management Goals
The European Union is committed to achieving net zero CO2 emissions by 2050. This involves reducing current emissions and deploying technologies to capture, store, and utilize CO2, especially in sectors where emissions are hard to reduce, such as cement and waste-to-energy. The Commission's Industrial Carbon Management Communication outlines how these technologies can help reduce emissions by 90% by 2040.
CO2 Storage Capacity Targets
The Net-Zero Industry Act proposes developing at least 50 million tonnes of CO2 storage capacity per year by 2030, increasing to around 280 million tonnes by 2040. The Communication on Industrial Carbon Management details a comprehensive policy approach to achieve these targets.
Regulatory and Infrastructure Development
The Commission will begin preparatory work on a CO2 transport and storage regulatory package, addressing market structure, third-party access, CO2 quality standards, and investment incentives. The Joint Research Centre has published a report on the future CO2 transport network and related investment needs.
Market and Policy Measures
The Commission will assess the volumes of CO2 that need to be removed from the atmosphere to meet 2040 and 2050 targets, including how removals and storage could be accounted for under the EU Emissions Trading System. Guidance for project permitting processes and an atlas of potential storage sites will be established to scale up the market for CO2 capture and storage.
Investment and International Cooperation
The EU and Member States will promote industrial carbon management projects through energy infrastructure programs and the Innovation Fund. The Commission will also boost funding for research and innovation and support a knowledge-sharing platform for carbon capture, use, and storage projects. International cooperation will focus on harmonizing reporting and accounting of carbon management activities and integrating removals into carbon pricing frameworks.
