The EU has set its sights on a very ambitious goal: achieving net-zero carbon emissions by 2050. Through the Industrial Carbon Management Strategy, the Net-Zero Industry Act and the 2040 Climate Targets, the EU has confirmed that CCS will be an essential part of the toolbox to decarbonise its economy.
However, with only a handful of CCS projects being operational or under construction, there is an urgent need to ensure that CCS becomes a reality in Europe, and the time to act is now.
In EU's Action Plan for Carbon Capture, they have been identified three central priorities for the upcoming European political mandate, to ensure that CCS goes beyond policy promises and leads to concrete action:
1. Securing political support for CCS deployment in Member States: Despite its recognised necessity, a number of Member States still lack a fully-developed strategy for CCS deployment. The EU needs to do more to ensure that Member States play their part. This should include the creation of a "CCS Envoy" and the introduction of carbon capture targets in National Energy and Climate Plans (NECPs).
2. Strengthening the business case for CCS investment: As recognised by the Commission, the existing funding gap for CCS must be addressed. The EU needs to work closely together with industry to ensure the creation of an adequate business case for CCS, including through measures to establish financial support mechanisms in Member States and streamlining existing EU funding.
3. Developing a regulatory framework to support CCS deployment: The current mandate has brought a number of targets for CCS deployment. These targets for capture and storage need to be supported by means of accelerating permitting procedures for capture plants, transport infrastructure, and CO2 storage sites.
Curious to learn more about how the EU can scale up efforts to roll out CCS in the next mandate? Download the full Action Plan.
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