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illuminem summarizes for you the essential news of the day. Read the full piece on Offshore Energy or enjoy below:
🗞️ Driving the news: The European Council and Parliament have reached a provisional deal on the 'net-zero industry act' (NZIA), aiming to boost Europe's manufacturing ecosystem for net-zero technology products
• This regulation seeks to simplify investment in green technologies and establish net-zero industrial valleys across the EU
🔭 The context: The NZIA sets ambitious targets, including a CO2 carbon capture and storage (CCS) capacity of 50 million tonnes by 2030, increasing to 280 million by 2040
• It also aims for the EU to produce 40% of its strategic technology products, like solar panels and batteries, to meet its climate goals
🌍 Why it matters for the planet: The act is pivotal for the EU's climate neutrality ambitions, promoting the development and deployment of clean technologies
• However, it faces criticism for including unproven technologies like nuclear and CCS on equal footing with renewable solutions, potentially diluting the focus on immediate decarbonization efforts
⏭️ What's next: The agreement now awaits formal endorsement and adoption. Its success hinges on balancing the promotion of proven renewable technologies with the exploration of innovative solutions, amidst concerns over its broad scope and the inclusion of unproven technologies
💬 One quote: "Europe launched a pathway towards a cleaner and sustainable future for the European industry. Now the time is ripe for Europe to take back the lead on the global scene for clean technologies and to build a competitive, green, and job-creating industrial sector," said Jo Brouns, Flemish Minister for Economy
📈 One stat: The NZIA sets a target for an annual injection capacity of at least 50 million tonnes of CO2 carbon capture and storage by 2030
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