Big Oil turns litigious in fight over EU's carbon storage mandate

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illuminem summarises for you the essential news of the day. Read the full piece on Euractiv or enjoy below:

🗞️ Driving the news: Several major oil and gas companies have filed lawsuits against the European Union’s carbon storage mandate, challenging the 2030 deadline for carbon capture and storage (CCS) implementation
• These companies argue that the timeline is unfeasible, given the technological and logistical hurdles involved in meeting the stringent requirements for large-scale carbon storage

🔭 The context: The EU's ambitious climate policies have set aggressive carbon reduction goals, including a mandate for carbon capture and storage at industrial sites
• As the 2030 deadline approaches, energy giants are pushing back, arguing that the necessary infrastructure and technology are not sufficiently developed to meet the mandated targets, potentially leading to significant financial and operational strain on the sector

🌍 Why it matters for the planet: The EU’s carbon storage mandate is a critical component of its broader climate strategy, aiming to reduce industrial emissions and transition towards net-zero
• The lawsuits highlight the tension between ambitious policy goals and the practical realities of implementing large-scale carbon capture solutions
• If delayed or weakened, this could slow Europe’s progress in meeting its climate targets and hinder global efforts to mitigate climate change

⏭️ What's next: The EU will likely face pressure to either adjust the 2030 deadline or provide additional support for the development of carbon capture infrastructure
• The outcome of these legal battles could influence future regulatory approaches to carbon emissions, potentially impacting policy timelines and technology investments across the energy sector

💬 One quote: “The timeline is impossible to meet with the current state of technology and infrastructure.” – Industry spokesperson on EU’s carbon storage mandate

📈 One stat: The EU aims to capture and store at least 10 million tons of CO2 annually by 2030 under its carbon storage mandate

See on illuminem's Data Hub™ the sustainability performance of major oil and gas companies likes Shell, BP, and TotalEnergies

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