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illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: The EU's climate ambitions are facing challenges as carbon capture and storage (CCS) initiatives struggle with economic feasibility due to stringent CO2 purity standards
• Industry groups warn that these standards could hinder CCS deployment, a key strategy in reducing CO2 emissions
🔭 The context: The European Commission recently issued new guidelines for CO2 storage, but did not specify acceptable CO2 purity levels, leaving it to storage operators to set their own
• The high cost of purifying CO2 to meet these requirements could make CCS less viable for industries, which already face high costs under the EU Emissions Trading System
🌍 Why it matters for the planet: CCS is crucial for the EU's goal of achieving net-zero emissions by mid-century
• Without viable CCS options, large emitters may continue releasing CO2, undermining climate targets and exacerbating global warming
⏭️ What's next: As the only European CCS project, Norway’s Northern Lights, prepares to start in 2025, the EU faces pressure to refine its guidelines and support the technology's development
• The industry calls for more realistic standards to facilitate broader adoption of CCS
💬 One quote: "The cost may be so onerous that industry emitters continue to release CO2 into the atmosphere." — Chris Davies, Director of Carbon Capture and Storage Europe
📈 One stat: The EU aims to increase CCS capacity to 280 million tonnes annually by 2040
Click for more news covering the latest on carbon capture & storage
