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
-
Wall Street Pours $1.7B Into Fuel Cells for AI
Inside This Issue 🔋 IDF, Oaktree to Invest $1.7 Billion in Bloom Energy Fuel Cells for AI Infrastructure 🌬️ Airhive Acquires Carbyon, Creating a European Leader in Low-Cost Direct Air Capture Tech...
-
AI Data Centers Just Went Hydrogen, Bosch Is In
Inside This Issue ⚡ ECL and PowerCell Announce 300 MW+ Hydrogen Power Strategic Partnership for AI Data Centers, Supported by Bosch 🍁 Canada, Alberta Ease TIER Carbon Rules to Fast-Track Pathways ...
-
How Isometric Finally Fixed Amazon Carbon Credits
Inside This Issue 🌳 Isometric Certifies First Amazon Credits From Mombak 🧱 Consultation: Revision to Concrete Production Methodology (VM0043) 🚢 DRIFT & Commenda Capital Partners Establish Excl...
Company Announcements
-
Clean Fuels Welcomes Hawaii Clean Fuel Standard for Alternative Fuels
JEFFERSON CITY, MO, Clean Fuels Alliance America applauds Hawaii Governor Josh Green, M.D., for signing legislation to create a clean fuel standard for the State of Hawaii. This new law will help d...
-
Air Liquide Invests Over 160M USD in the U.S. to Supply Advanced Chips Manufacturing in Arizona
Air Liquide announces a new investment of over 160 million US dollars to build, own and operate a new large-scale production facility in Arizona to supply essential ultra-high purity gases to the l...
-
Airhive Acquires Carbyon, Creating a European Leader in Low-Cost Direct Air Capture Technology
Airhive Acquires Carbyon, Creating a European Leader in Low-Cost Direct Air Capture Technology Combination comes as UK and European policy support for carbon dioxide removal accelerates. JUL...
-
Infinium's CO₂-derived eNaphtha provides the renewable feedstock enabling On's Cloud X 5—the world's first commercially scaled sportswear application of captured carbon in EVA foam. SACRAMENTO, Ca...