Nonprofit association CO2 Value Europe published a comprehensive report on the vital role of carbon capture and utilization (CCU) technologies for reaching climate neutrality in Europe.
The organization highlighted that the carbon dependency of many industries will not be eliminated by 2050 and, in order to satisfy the unavoidable demands for fuel, chemicals, and materials, Europe needs to accelerate the implementation of CCU as a way to generate renewable feedstock for these sectors.
The information presented in their report came from dedicated workshops where more than 30 experts, active in the CCU supply chain, were given the opportunity to provide their input as the organization developed a scenario and modeling exercises over the course of two years.
According to the results of the report, Europe will not be able to reach climate neutrality by 2050 unless it ramps up the development and employment of CCU technology. In 2050, about 320 MtCO2 will need to be captured in the EU, 55% of which will be utilized for production and the rest stored underground.
The report explains in detail how CCU can play an important role in decarbonizing industry and reducing emissions by at least 20%.
As some of the main challenges to this agenda, the organization points out that the institutions of the European Union need to provide stronger support for the deployment of CCU as a standalone strategic activity, include it in policy instruments, and promote capture infrastructure construction.
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The report also advocates that carbon circularity should be recognized as a concept, and utilizing captured carbon as feedstock should be incentivized. In their report, CO2 Value Europe calls for clear targets for the “defossilizing” of industry, with set benchmarks for 2030, 2040, and 2050.
Additionally, funding instruments for CCU should be prioritized, EU member states should be stimulated to include elements of CCU in their National Energy and Climate Plans, and CCU chain participants should be incentivized to invest in this technology.
Market uptake mechanisms (e.g., public procurement) and clear certification frameworks will be needed to promote mineralization projects. The EU regulatory framework will need to provide legal certainty for CCU fuel producers in and outside Europe, and compliance mechanisms should be developed via international cooperation.
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