The main oil and gas companies in the European Union will have to contribute to storing carbon dioxide underground in accordance with the historical rules proposed by the bloc’s executive power.
Carbon capture and storage was named as one of eight strategic technologies, along with solar panels and heat pumps, under the EU’s Net Zero Industry Act, a plan to boost technology industries green.
The plans aim to inject 50 million tonnes of carbon dioxide into geological storage sites annually by 2030. That’s a 66% increase over what’s currently planned in the region, according to the UN climate organization non-profit, Clean Air Task Force. Crucially, oil and gas companies will have to contribute to that goal, based on the fuel they produce between 2020 and 2023, according to the proposed rules.
“Giving responsibility for tackling emissions to the biggest emitters is a fantastic step,” said Eadbhard Pernot, CATF’s Carbon Capture Policy Manager. “Oil and gas producers have the technology and resources to put CO2 back into the ground permanently. It’s time for them to step up and take responsibility for allowing access to CO2 storage in Europe.”
Despite concerns from environmentalists who see carbon capture and storage as a problematic solution that allows fossil fuel companies to keep polluting, the EU has repeatedly said it is a key part of its plans to achieve net zero emissions by by 2050. This is because some energy… intensive sectors will not yet be emission-free, and will have to store the CO2 produced underground.
The EU puts a price on carbon emissions, with the cost of emitting a tonne of CO2 exceeding €100 this year. This provides an incentive for industries to capture CO2.
CATF said the 50 million tonne target represents about 10% of the bloc’s industrial emissions. By 2050, the bloc may need to capture 550 million tonnes per year to meet its net-zero goals. In Europe, only about 1.7 million tons of CO2 are stored each year, with both sites in Norway, according to Bellona, an environmental NGO.
Member States will have to provide data on where CO2 storage sites can be allowed. Old oil and gas deposits are examples of where industry could store its carbon.
