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
-
Hydrogen Just Powered a 7.5-Tonne Plane. A World First.
Inside This Issue ✈️ Megawatt Hydrogen Turboprop Engine Completes Maiden Flight in Central China 🤝 XCF Global and Axens North America Announce Commercial Collaboration for Vegan(r) Technology 🔌 Ma...
-
60 Hydrogen Projects Died. Here's What Survived.
Inside This Issue ⚠️ Hydrogen's 4.9M-Tonne Shakeout: What's Still Being Built ⚡ Emerson and Strategic Biofuels to Deliver Renewable Carbon-Neutral Power to Louisiana 🔋 Plug Power Selected to Suppl...
-
One Company Bought 93% of All Carbon Removals on Earth
Inside This Issue 📊 Microsoft Bought 93% of Carbon Removals. Now What? 🌱 Symbiosis Announces New Carbon Offtake Agreements With Living Carbon 🛢️ Canada and Alberta Reach Agreement-in-Principle on ...
Company Announcements
-
Brazil's Second-Crop Corn Can Provide a Low-Carbon Pathway for Sustainable Aviation Fuel (SAF)
New research shows that expanding ethanol production from Brazil's second crop corn can support the growth of sustainable aviation fuel while limiting land-use change and greenhouse gas emissions. ...
-
Toward Cheaper, Cleaner Hydrogen Production
Co-founded by Dan Sobek ’88, SM ’92, PhD ’97, 1s1 Energy has developed electrochemical cell materials for hydrogen electrolyzers that it says reduces energy use by 30 percent. Hydrogen sits at the...
-
Powerful and Fuel-Efficient - Meet Volvo's Future Hydrogen Truck
Volvo Trucks has begun on-road testing of heavy trucks powered by hydrogen combustion engines. Volvo's hydrogen solution is industry-leading with a planned commercial launch before 2030. Volvo's ...
-
Vietnam to Allow International Transfer of Up to 90% of Carbon Credits
For the category of GHG reduction measures and activities involving new, high-cost technologies that have seen limited implementation in Vietnam, the maximum transfer ratio is set at 90%. The Gove...