Carbon Capture & Storage Europe, a new alliance established by leading companies and organizations, will aim to advance carbon capture and storage (CCS) technology in Europe.
The coalition was announced at an event in the European Parliament this week.
Carbon Capture & Storage Europe brings together technology providers, project developers, industry leaders, and environmental organizations that strive to promote the deployment of CO2 capture technologies to decrease industrial emissions and minimize the amount of carbon already in the atmosphere.
CCS Europe also aims to encourage European and national policymakers to build regulatory and financial instruments that will attract investments in the sector.
CCS plays an important role in the EU’s goal of achieving climate net-zero by mid-century, and the technology is already proven to work, said Jacob K. Clasen, Deputy CEO of Danish Shipping.
As part of the EU’s climate neutrality targets, the Bloc will need to store up to 50 million tons of carbon underground by the end of this decade.
EU Commission President Ursula von der Leyen said last month that the EU will have to permanently store 300 million tons of carbon dioxide per year by 2050.
The European Union is preparing to announce a dedicated CCS strategy later this year, that will allow for an integrated European market for carbon transport and storage.
The strongest demand for shipping carbon is expected to arise in Europe, and most projects on the continent are planned to be located under the North Sea.