EU Challenges Oil Giants for CO2 Storage Milestone

The European Commission announced on Thursday a directive for 44 oil and gas companies to contribute to the EU's objective of storing at least 50 million tonnes of CO2 each year by 2030. This initiative aligns with the bloc's ambition to reach climate neutrality.

Companies have been asked to participate proportionally to their share of the EU's crude oil and natural gas production between 2020 and 2023. This requirement forms part of a strategic move to hold the oil and gas industry accountable for its role in carbon emissions.

Kurt Vandenberghe, head of the Commission's directorate general for climate action, emphasized the industry's responsibility to aid in CO2 storage. Leveraging industrial expertise, accelerated permitting processes, and robust financial backing, notably from the ETS Innovation Fund, Europe aims to achieve significant progress in industrial decarbonisation and modernisation.

(With inputs from agencies.)