The recently adopted target to achieve a 55% Greenhouse Gas (GHG) Reduction by 2030 is the most ambitious goal of the European Union so far when it comes to combatting climate change, and, combined with the 2050 carbon neutrality target, will require significant action and effort across all sectors of the European economy. Yet these new GHG reduction ambitions for 2030 and 2050 do not just mark another tightening of the amount of emissions that can be emitted in Europe. With a net-zero carbon neutrality target introduced for mid-century, the role of technologies that can capture, remove, and store carbon is now a mainstream debate – and has been confirmed as a valid mechanism for reaching the goal.
Carbon capture or removal technologies and ‘carbon sinks’ not only present exciting business opportunities. It also poses complex questions and challenges for the EU’s policy response. Europe’s policy makers will need to adapt its own regulatory framework to make sure that such technologies are put to best effect and can make a valid and appropriate contribution to global efforts to meet net zero targets.
Author: Dr Pierre Dechamps – Energy & Natural Resources