![]() ![]() The EU already has targets in place requiring countries to expand forests and other natural ecosystems that can absorb and store CO2.īrussels proposed a target in March for the EU to be able to store 50 million tonnes of CO2 per year by 2030, and has said this may need to reach 550 million tonnes by 2050 to hit the bloc's net zero emissions goal.įor comparison, the EU's total CO2 emissions from energy use were nearly 2.4 billion tonnes in 2022, according to Eurostat data. "Emission reduction remains the highest priority of EU climate policies," the Commission document said. Some campaign groups have also opposed the technology on the grounds that it could be used to extend the life of coal power plants and polluting industries.īut plans to remove CO2 from the atmosphere have regained some traction as countries map out how to achieve net zero emissions - which will require some CO2 removals to balance out remaining emissions from industries that cannot reduce their CO2 output to zero, like aviation or agriculture. They can be purchased by an individual or, more commonly, a company to make up for carbon. To try and boost the industry, the Commission said it will produce an EU strategy that could include 20 targets for CO2 storage infrastructure, or EU-wide standards on CO2 quality and access to carbon capture infrastructure.Ĭarbon capture and storage (CCS) projects are in their infancy in the EU and have a history of controversy in countries including Germany, where states blocked past efforts to launch projects. A carbon credit is a kind of permit that represents 1 ton of carbon dioxide removed from the atmosphere. In a public consultation on the plans, the Commission said infrastructure to capture and store CO2 underground or use it in industries was not developing fast enough, hampered by factors including high costs to develop storage sites. ![]() BRUSSELS, June 9 (Reuters) - The European Commission is working on plans to speed up investment in capturing and storing carbon dioxide emissions, it said on Friday, as the bloc prepares to slash its net greenhouse gas emissions to zero by 2050. Carbon offset credits is basically a transferrable instrument that is officially certified to represent emissions reductions Through greater oversight of carbon consumption and participating in a carbon credit offsetting scheme, companies can ensure they are meeting EU-imposed targets, and drive the economy towards net-zero goals.
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