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.
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