The European Commission said on Thursday it had asked 44 oil and gas companies to contribute to the EU's collective target of storing at least 50 million tonnes of CO2 per year by 2030, as part of the bloc's aim to achieve climate neutrality.
The companies are required to participate in the EU target in proportion to their share of the Union's crude oil and natural gas production from 2020 and 2023, the Commission said in a statement.
"Having extracted hydrocarbons and contributing to greenhouse gas emissions, (the European oil and gas industry) will now contribute to storing CO2 and help mitigate climate change," said Kurt Vandenberghe, head of the Commission's directorate general for climate action.
"By combining their industrial know-how with faster permitting processes and robust financial support — including from the ETS-resourced Innovation Fund — we can make substantial progress in advancing industrial decarbonisation and modernisation in Europe," he added.
>> In Other News: A Rebrand with Purpose: Carbon Capture Faces the Future, Not the Past
Subscribe to the newsletter
Daily decarbonization data and news delivered to your inbox
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Latest issues
-
Three US Firms Just Formed a SAF Giant
Inside This Issue 🛫 New US Powerhouse: XCF Global, DevvStream & Southern Merge for SAF Scale ⛏️ Carbon Capture, ‘Rare Earth’ From Coal Among Projects Poised to Get $11.7M in State Grants 🗺️ Ca...
-
Why Bill Gates Bet $40M on This Carbon Capture Lab
Inside This Issue 🧪 Why Bill Gates Bet $40M on This Carbon Capture Lab ⛏️ Max Power Prepares to Drill Second Natural Hydrogen Well as Program Expands 325 km SW of Lawson Discovery 💰 Trafigura-Back...
-
Honda Repositions Hydrogen Strategy After Michigan Pivot
Inside This Issue 🚪 Honda Exits Fuel Cell Partnership as Hydrogen Pivots ♻️ A Breakthrough That Turns Exhaust CO2 Into Useful Materials ✈️ FedEx Takes Delivery of SAF at Dallas Fort Worth and New ...
Company Announcements
-
Hydrogen is increasingly becoming a popular energy source because people are appreciating how diverse it is. For instance, hydrogen can be used to generate power for people, whilst it can also be u...
-
U.S. Energy Corp. (NASDAQ: USEG) (“U.S. Energy” or the “Company”), a growth-oriented energy company advancing a diversified industrial gas, energy, and carbon management platform, today provided a ...
-
LOS ANGELES, Feb. 4, 2026 /PRNewswire/ -- Southern California Gas Company (SoCalGas), along with San Diego Gas & Electric Company and Southwest Gas Corporation, on Tuesday submitted a petition ...
-
Commissioning marks a major step in building Europe’s hydrogen backbone, positioning Plug as a key end-to-end solutions provider supporting the scale-up of clean hydrogen infrastructure across the ...