An important step for the promotion of carbon capture and storage technologies was made by the European Union, in the proposal it submitted for a zero emission industry (16-03-2023).
The proposed legislation (NetZero Industry Act) aims to "strengthen the resilience and competitiveness of the production of technologies with a zero carbon footprint in the EU, making the Union's energy system safer and more sustainable".
Therefore, one of the proposals of the plan, which is of particular importance for the shipping industry, is related to the promotion of carbon sequestration technologies, which, according to the EU, will greatly contribute to decarbonization.
As pointed out in the proposal, the barrier to the emergence of a value chain for carbon sequestration systems in the E.U. is the lack of CO2 storage facilities.
The Commission is now focusing on accelerating CO2 sequestration. In this context, the legislation aims for an annual injection capacity of 50 million tonnes of CO2 at strategic locations in the EU. by 2030, with proportional contributions from the Union's oil and gas producers.
According to the EU, this development will remove a major barrier to the development of CO2 capture and storage systems as an economically viable climate solution, especially for energy-intensive industries that are difficult to curb.
"By setting this target, in line with the expected capacities required by 2030, business sectors can align their investments towards a European CO2 transport and storage value chain that industries can leverage to decarbonise their operations" is emphasized in the sentence.
The E.U. defines CO2 storage facilities as strategic projects, wanting to speed up and facilitate the development of such infrastructures. In fact, he says, an increasing amount of depleted oil and gas fields nearing the end of their useful life could be converted into CO2-safe facilities.
Greek investments
Speaking, recently, to "N", the CEO of Dorian LPG, John Lycouris, had underlined that the most affordable way to contain the rise in temperature to 1.5 degrees Celsius compared to pre-industrial levels is carbon sequestration. He had added that shipping is the cheapest way to transport the sequestered quantities of CO2.
The challenge today for this technology is the lack of CO2 reception and storage infrastructure, as well as ships that will be able to transport the quantities.
This gap is being filled by Peter Livanou's Ecolog, a company founded in 2022 that seeks to build a fleet of 60 CO2 carriers along with connected import and export terminals. The goal is to transport around 50 million tons of CO2 per year by 2035.
It is noted that a small investment in Aqualung, a company that innovates in the field of CO2 capture and separation technologies with membranes, has also been made by Giorgos Giouroukos' Global Ship Lease.
ECSA wants more
In a statement, the European Shipowners' Association (ECSA) welcomed the inclusion of carbon storage and capture systems and offshore renewable technologies on the EU list. However, he pointed out that with shipping being one of the most challenging sectors to decarbonise, upgrading affordable fuels and technologies is key.
It calls for the inclusion of renewable fuels of non-biological origin (RFNBOs) in the definition of strategic zero emission technologies legislation. The Secretary General of ECSA, Sotiris Raptis, pointed out that the new legislation is crucial to support the competitiveness of European industry. However, he noted that a clear plan is still missing.
Source: naftemporiki.gr