The European Commission asks Greece to take faster steps in carbon storage.
The European Commission sends the message that the government must, by March, have completed all pending matters that delay the launch of the carbon capture and storage (CCS) market in Greece.
The greek government is once again receiving signals from the Commission that it must accelerate the pending tasks surrounding the creation of the CCS market for a project that has seen many delays and many more open issues, the closure of which is directly linked to the project in Prinos , worth 500 million euros.
The first step was taken in October 2024 with the approval by the Commission of the 150 million euro aid for the first phase of the investment, and a next important milestone will concern the submission to Parliament of the Regulation, which will finally untangle the "tangle" of this new market under development in Greece.
The issues of the operation of this new market, the planning so far, along with the milestones and the critical steps from now on, were discussed in a broad meeting yesterday at the Greek Ministry of Economic Affairs, led by the competent minister, Th. Skylakakis , the deputy minister, Al. Sdoukou, the Secretary General , T. Aivaliotis and the leadership of HEREMA.
A clear signal for the launch of the carbon capture and storage (CCS) market in our country will be for the final draft to be completed and sent to the Commission and the interested industries to store CO2 in Prinos, the so-called emitters , in February , in order for them to give the green light and for it to come to Parliament for a vote in March.
The March bet is not easy, especially considering that Brussels is demanding that all pending issues be finalized, including the emitter support mechanism, i.e. a scheme with " firepower ", which according to some initial thoughts will reach 100 million euros, and which will be activated only when pollutant prices move below a certain threshold. This will be determined through ministerial decisions, which are still taking a long time.
"Prinos CO2 Storage", the plan to convert the depleted oil reservoirs of Prinos into a CO2 storage facility, is considered one of the most mature projects in the entire Mediterranean basin.
If the Greece takes the plunge, it could gain an advantage over other projects in the region. In an environment where the price of carbon credits is expected to quadruple over the next decade, reaching €300/tonne, heavy industries and governments are investing huge sums in carbon capture, with the global Carbon Capture & Storage (CCS) market estimated at $5 billion by the end of 2030.
source: euro2day.gr
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