· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on ESGToday or enjoy below:
🗞️ Driving the news: The European Commission has unveiled a strategy to boost industrial carbon capture, storage, and utilization (CCS, CCU) across the EU, targeting a significant increase in capacity to meet its climate goals, including a 90% reduction in net greenhouse gas emissions by 2040 and achieving net zero by 2050
🔭 The context: This strategy outlines ambitious targets for CO2 storage capacity, aiming for 50 million tonnes per year (mtpa) by 2030, scaling up to 280 mtpa by 2040, and 450 mtpa by 2050, emphasizing the role of CCS, CCU, and carbon removal in tackling emissions from challenging sectors
🌍 Why it matters for the planet: The initiative is critical for addressing emissions from hard-to-decarbonize sectors, advancing the EU towards its net-zero ambitions, and ensuring industrial competitiveness amid geopolitical shifts.
⏭️ What's next: The strategy envisions three stages of industrial carbon management evolution, from deploying infrastructure and reaching economic viability for carbon value chains by 2030, to making industrial carbon management a core part of the EU's economic system post-2040
💬 One quote: “An acceleration of their deployment would help us meet our climate ambitions, while enhancing the competitiveness of our industry,” said Maroš Šefčovič, Executive Vice-President for the European Green Deal
📈 One stat: Over €12 billion in investment is required for CO2 transport infrastructure by 2030, expanding to €16 billion and 19,000 km of infrastructure by 2040
Click for more news covering the latest on carbon capture & storage
