The European Union has asked oil and gas companies to provide new CO2 storage solutions by 2030 to accelerate the bloc’s net-zero goals.
In a statement, the EU said it has identified 44 oil and gas companies, which will be required to contribute to its target based on their shares of the Union’s crude oil and natural gas production between 2020 and 2023.
As put forth by the Net-Zero Industry Act, by 2030, the EU aims to achieve a collective target of 50 million tonnes of CO2 injection capacity per year into geological CO2 storage sites.
According to the EU: “These projects will accelerate the development of Industrial Carbon Management solutions and play a key role in the decarbonisation of hard-to-abate industries across Europe.”
Kurt Vandenberghe, Director General for Climate Action in the EU, said: “On our way to climate neutrality, we need a portfolio of effective decarbonization solutions. Carbon capture is part of our strategy to deliver emission reductions and permanent removals for energy-intensive industries.”
Once the operational CO2 injection capacity in the geological storage sites is identified, the relevant member state will recognize it as a “Net-Zero Strategic Project within the CO2 value chain”.
The value chain can cover the process of capturing the CO2 and the infrastructure required to transport the gas.
Vandenberghe adds: “The Net-Zero Industry Act mandates an annual CO2 safe and permanent storage capacity in the EU of at least 50 million tonnes by 2030 and makes the European oil and gas industry part of the solution. Having extracted hydrocarbons and contributing to greenhouse gas emissions, it will now contribute to storing CO2 and help mitigate climate change.”
Source: https://climate.ec.europa.eu/news-your-voice/news/commission-identifies-eu-oil-and-gas-producers-provide-new-co2-storage-solutions-hard-abate-2025-05-22_en
