A new report by the Carbon Capture and Storage Association (CCSA), the leading CCUS trade association in Europe, emphasizes the crucial role of cross-border CO2 transport and storage in accelerating emissions reductions.
The report, “Accelerating a Europe-wide CO2 storage market,” conducted in collaboration with Xodus Group, underscores the significant cost-saving potential of expanding the CO2 market across Europe, including the UK.
Currently, policy barriers, particularly those related to cross-border CO2 transportation between the EU and the UK, hinder the efficient and timely deployment of carbon capture, utilization, and storage (CCUS) technologies.
The CCSA report argues that enabling cross-border CO2 transport and storage will not only significantly reduce emissions but also generate substantial economic benefits for industrial emitters across the EU, EEA countries, and the UK.
To facilitate this, the CCSA recommends several key actions for the European Commission and the UK Government:
- Establish a bilateral agreement: Under the existing Trade and Cooperation Agreement (TCA), a mutual recognition framework for each jurisdiction’s CCS regulatory regime should be established.
- Amend Emission Trading Schemes: The EU and UK Emission Trading Schemes must be adapted to accommodate CO2 storage operations outside their respective jurisdictions.
Relevant: NSTA Has Issued Tenders For Carbon Storage Studies In The UK
With the imminent commencement of operations at early-stage CCUS projects in the EU, Norway, and the UK as early as 2026, enabling cross-border CO2 transport and storage will enhance the resilience of these systems.
“A Europe-wide CO2 market is within reach, but policies are standing in the way,” said Olivia Powis, CEO of the CCSA.
“We can cut storage costs by 20% and save billions annually if the EU and UK break down these barriers, and make cross-border CO2 storage happen now. The future of the European industry and climate action depends on it.”
Read more: Austria Launches Feasibility Study On Carbon Capture And Transport
