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Europe is spending millions to trap carbon. Where will it go?

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By illuminem briefings 🌎

· 2 min read


Illuminem summarizes for you the essential news of the day. Read the full piece on Politico or enjoy below:

🗞️ Driving the news: As part of its commitment to carbon neutrality by 2050, Europe is driving millions into carbon capture technology, but a critical issue is emerging: the lack of storage options for the captured carbon
While North Sea countries like Denmark and the Netherlands are advancing in carbon storage, the rest of Europe, particularly landlocked and low-income countries, struggle to find viable solutions

🔭 The context: Current EU policies give high-polluting manufacturers like steel and cement makers a temporary pass on their emissions, to maintain competitiveness 
This is set to change by 2034, escalating the need for effective CCS solutions across the EU

🌍 Why it matters for the planet: The uneven development of carbon storage capabilities in Europe could exacerbate economic disparities and could result in continued high emissions and a failure to meet climate neutrality goals

⏭️ What's next: The EU plans to spread carbon storage facilities across the continent and has proposed a binding target of 50 million tons of CO2 storage by 2030 
This forms part of the broader net-zero act, which aims to balance industrial needs with environmental goals

💬 One quote: "Europe needs CO2 storage projects across the Continent to keep decarbonizing costs at bay" (Eve Tamme, chair of the Zero Emissions Platform)

📈 One stat: Denmark alone is on the path to developing enough storage capacity to meet the total EU's goal of 50 million tons of CO2 storage by 2030

Click for more news covering the latest on carbon

 

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