The EC recommends reducing greenhouse gas emissions by 90% by 2040
The European Commission has unveiled a fresh strategy for handling emissions in the industrial sector. This plan aims to slash greenhouse gas emissions by 90% by 2040, with the ultimate goal of achieving climate neutrality by 2050.
The communication outlines concrete measures focused on advancing technologies that lower emissions and establishing favorable conditions for their widespread adoption.
Technology development
The Commission suggests intensifying efforts to curb emissions, advocating the adoption of technologies for capturing and eliminating carbon dioxide from the atmosphere. The proposal envisions the establishment of infrastructure for CO2 storage and the formation of a unified market for CO2 emissions within Europe.
As part of this strategy, the EU aims to build the capacity to store at least 50 million tons of CO2 annually by 2030, with a subsequent increase to approximately 280 million tons by 2040. The Commission plans to formulate guidelines for project permitting procedures, compile a catalog of potential storage sites, and create a transparent framework for carbon dioxide emissions accounting, considering the utilization of CO2 as a resource in industrial processes.
Proposals for business
To promote investment, the Commission is suggesting a set of measures to foster an appealing business environment. Collaborating with Member States, it aims to develop tools facilitating the connection of CO2 suppliers with transport and storage operators, as well as CO2 recipients.
The European Commission has outlined various steps to stimulate the implementation of projects managing industrial carbon dioxide emissions. These include ongoing financial support for projects through EU energy infrastructure programs. The Commission also intends to boost funding for research and innovation in this domain and establish platforms for sharing knowledge on technologies related to carbon capture and storage.
Furthermore, there are plans to enhance international cooperation in harmonizing reporting on carbon dioxide emissions and considering CO2 removals within the global framework for establishing fees for greenhouse gas emissions.
Source: inwestycje.pl