A new strategy released by the European Union (EU) has outlined the potential role that carbon capture technologies could play in reducing emissions by 90% by 2040 and reaching climate neutrality by 2050.
The Industrial Carbon Management (ICM) Communication sets out a comprehensive policy approach to deliver on targets laid out in the Net-Zero Industry Act, in which the European Commission proposes that the EU develops at least 50 million tonnes per year of carbon dioxide (CO2) storage capacity by 2030.
According to the impact assessment on the EU recommended climate target for 2040, this figure will need to grow to around 280 million tonnes by 2040.
To create a single market for CO2 in Europe, the Commission stated that it will start work on a possible future CO2 transport and storage regulatory package, which will highlight issues surrounding market and cost structure, third-party access, CO2 quality standards or investment incentives for new infrastructure.
Underpinning the Communication, a new study from the Joint Research Centre (JRC) sheds light on the role that CO2 transport infrastructure can play in the successful large-scale deployment of industrial carbon management technologies.
According to the research, by 2030 CO2 infrastructure could span 6700-7300km and potentially extend to 15,000 – 19,000km by 2050. The estimated deployment cost ranges from €6.5bn to €19.5bn by 2030, increasing to €9.3bn-€23.1bn by 2050.
To meet the EU’s emissions reduction ambitions for 2040 and 2050 and assess overall measures to achieve them, the Commission has stated it will also assess the volumes of CO2 that need to be removed directly from the atmosphere.
The Commission will also streamline project permitting and create a storage site atlas to expand CO2 capture and storage markets.
Markets will collaborate with Member States to develop a tool matching CO2 suppliers with transport and storage operators, aiming to establish a clear carbon accounting framework for CO2 utilisation in industrial processes.
Commenting on the announcement, Maroš Šefčovič, Executive Vice-President for European Green Deal, Interinstitutional Relations and Foresight, said, “We need to boost innovation in technologies to capture, transport and store carbon, to make them an effective climate solution.”
“An acceleration of their deployment would help us meet our climate ambitions, while enhancing the competitiveness of our industry, especially in times of significant geopolitical shifts.”
To encourage investment in carbon management projects, the Commission has also set out a series of horizontal actions around:
Investment and funding:The EU and Member States should boost industrial carbon management projects through EU energy infrastructure programmes and may explore Important Projects of Common European Interest.
Research, innovation and public awareness:The Commission will explore increased funding for research and innovation in industrial carbon management through Horizon Europe and the Innovation Fund.
International cooperation: The Commission will expedite collaboration with global partners on industrial carbon management and advocate for international carbon pricing frameworks that consider removals to tackle emissions in hard-to-abate sectors.
Industry reaction
The Carbon Capture and Storage Association (CCSA) welcomed the Strategy’s publication, calling its release a ‘pivotal moment in the EU’s plans to fight climate change’.
Joop Hazenberg, EU Director of the CCSA, labelled the ICM as an important leap forward towards establishing carbon capture, utilisation and storage (CCUS) in Europe.
“We applaud the European Commission for championing CCUS and fostering an environment conducive to increased investments in European projects, which the strategy acknowledges are critical to achieving EU CO2 reduction targets and securing the future of European industries,” he added.
source: gasworld.com (Anthony Wright).
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