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

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

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