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🗞️ Driving the news: The European Commission is set to unveil a carbon management strategy on February 6, aiming for the sequestration of 450 million tonnes of CO2 annually by 2050
• This includes plans for direct air capture, targeting 100 to 200 million tonnes of CO2 removal from the atmosphere
• The strategy will also address the integration of carbon removal into the EU's Emissions Trading Scheme (ETS)
🔭 The context: This strategy is part of Europe's broader goal to achieve climate neutrality by 2050
• The proposed targets are in response to the need for substantial carbon removal to offset emissions from sectors that are difficult to decarbonize
• The plan includes both storage of captured CO2, potentially underground, and its use in producing goods
🌍 Why it matters for the planet: Implementing this strategy is crucial for the EU to meet its climate commitments
• The focus on carbon capture and storage (CCS) underscores the importance of innovative solutions in tackling climate change
• However, the approach raises concerns about potential North-South divides in Europe regarding CCS project locations and the impact of integrating carbon removal into existing carbon markets
⏭️ What's next: The success of the strategy depends on the development of effective policies and support mechanisms, including the integration of carbon removal into the EU ETS
• The long-term plan involves balancing emissions reduction with carbon removal, while ensuring that the market for carbon credits remains robust and doesn't discourage immediate decarbonization efforts
💬 One quote: "It’s not a question of waiting for 2030 to get to all the other decarbonisation options – Europe has to start planning now to scale these technologies by 2050," (Eadbhard Pernot, Clean Air Task Force)
📈 One stat: The EU aims to capture at least 50 million tonnes of CO2 per year by 2030, with a 2050 goal of 450 million tonnes annually
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