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
-
What 10x Growth Means for Hydrogen’s Future
Inside This Issue 💧 Blue Hydrogen Just Won 2025: 10x More Than Green ✈️ Houston American Energy Advances Development of Sustainable Aviation Fuel ⛏️ Max Power Expands Natural Hydrogen Discovery Po...
-
Google's Power Play: First CCS Deal Reshapes Energy
Inside This Issue ⚡ Google's Power Play: First CCS Deal Reshapes Energy 🌎 True North Carbon's Tamarack Project, Canada's Largest Single-Technology Direct Air Capture Deployment, Achieves First Cap...
-
The $27/ton Question: What Makes a Carbon Removal Credit Worth 3x More?
Inside This Issue 💰 The $27/ton Question: What Makes a Carbon Removal Credit Worth 3x More? 🛢️ EPA Issues Three Class VI Permits to ExxonMobil in Jefferson County, Texas 🌍 UN Endorses First Articl...
Company Announcements
-
BILBAO, Spain — H2SITE, the deep-tech start-up revolutionizing high-purity hydrogen production through cutting-edge palladium membrane technology, is scaling up its industrial presence with project...
-
CCS+ Initiative and Puro.earth Join Forces to Integrate Carbon Credit Methodologies and Scale CCS
Today, the CCS+ Initiative and Puro.earth (Puro), a leading standard and registry for durable carbon removal, announced that they have signed a Memorandum of Understanding (MoU). Through this strat...
-
October 27, 2025 Company to supply critical compression equipment for ammonia production and CO2 transportation, and a steam turbine-driven power generation generator technology Facility to produ...
-
BUFFALO, N.Y., Oct. 27, 2025 /PRNewswire/ -- Buffalo Biodiesel Inc., a leading recycler of used cooking oil (UCO) and a pioneer in renewable feedstock production, recently announced that it has suc...