European Competitiveness Report Highlights Key Role, Specific Challenges Of Decarbonization

A long-awaited report on European competitiveness, commissioned by the President of the European Commission, Ursula von der Leyen, and led by former president of the European Central Bank, Mario Draghi, has been released, and it has decarbonization at its core.

Draghi’s report provides key recommendations for ensuring Europe’s industrial success, positioning it for the upcoming Clean Industrial Deal, expected within 100 days of the European Commission’s new mandate, the Zero Emissions Platform (ZEP) said on their LinkedIn profile.

The Future of European competitiveness offers vital insights into the economic challenges facing Europe and provides recommendations for policymakers on how to address them.

It advocates for a strong industrial policy to accelerate the deployment of clean technologies and calls for increased investment in European infrastructure.

Specifically, the report outlines how industrial carbon management technologies, including carbon capture and storage (CCS) and carbon capture and utilization (CCU), are pivotal in reducing emissions and securing Europe’s industrial future.

Relevant: New Report By CО2 Value Europe Marks Carbon Capture And Utilization As Vital For Reaching Climate Goals

Below are five key takeaways from Draghi’s report, as highlighted by ZEP:

1. Industrial carbon management as a tool for energy-intensive industries: It aids sectors like chemicals and cement in reducing carbon dioxide (CO2) emissions through efficiency improvements and clean technologies like hydrogen.
2. EU leadership in CO2 capture technologies: The EU is a global leader in carbon capture, however, challenges like securing CO2 storage sites and developing transport infrastructure are slowing deployment.
3. Geological storage as a competitiveness factor: Factors like access to renewable energy and suitable geological conditions for CO2 storage can boost competitiveness, so expanding CO2 storage capacity should be a top priority.
4. CCS can avoid a lock-in of fossil power generation emissions: CCS technologies can avoid long-term reliance on fossil fuels by removing CO2 from energy production, but need regulatory support for feasibility.
5. Industrial carbon management deployment unique challenges: Industrial carbon management solutions are large-scale, tailored projects, not mass-produced, making infrastructure availability a key factor to cost reduction.

Taking into consideration these recommendations would be essential for achieving climate goals and fostering long-term economic growth in the European Union.

Read more: Industry Calls For CCS Envoy To Accelerate Carbon Capture In EU