EU’s binding CCS targets: A burden or a blessing?
Oil and gas companies will face penalties if they fail to reach the EU’s binding CO₂ injection targets for 2030, but they could also risk building underused and unprofitable CCS infrastructure
The European Commission has set out binding CO₂ injection targets for a number of European oil and gas companies in a bid to reach ambitious goals for CCS deployment by 2030. Companies including Italy’s Eni and TotalEnergies have been presented with specific CO₂ injection targets based on their volumes of oil and gas production. The idea is that these targets, presented in a delegated act on 22 May, will help EU companies to reach the collective 50mt/yr CO₂ injection target by 2030 as set out in the Net Zero Industry Act (NZIA). “Without economic incentives, CO₂ storage sites could become money-losing enterprises” De Matteis, IOGP Specifically, the Netherlands’ NAM, which is owned by
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