Industry backers say Europe needs a carbon capture and storage tsar

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

🗞️ Driving the news: Industry groups and major oil companies are calling for the EU to appoint a "CCS tsar" to champion carbon capture and storage (CCS) as a key climate solution
• This proposal aims to accelerate CCS development, which has lagged despite being crucial for meeting EU climate targets

🔭 The context: CCS involves capturing carbon dioxide emissions at their source and storing them underground
• While seen as a necessary technology for hard-to-abate industries, CCS has faced skepticism due to past failures and concerns it may divert focus from reducing fossil fuel use

🌍 Why it matters for the planet: Effective CCS deployment could significantly reduce greenhouse gas emissions, helping the EU achieve its net-zero goals
• However, its success depends on overcoming financial barriers and gaining broader acceptance among policymakers and the public

⏭️ What's next: Advocates urge the EU to strengthen political support and investment in CCS
• The EU’s Net-Zero Industry Act mandates substantial CCS development by 2030, but meeting these targets will require enhanced coordination and financial incentives

💬 One quote: “Political leadership from the Commission is required and an appointed representative with expert knowledge could provide the commitment that no Commissioner will have the time to offer,” said Chris Davies, chair of CCS Europe

📈 One stat: The largest CCS project in development, Norway's Northern Lights, plans an initial storage capacity of only 1.5 million tonnes per year, far short of the EU's 2030 goal of 50 million tonnes

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