NET4CO2 has recently had the chance to participate in the Global CCS Institute. An insightful meeting that gathered representatives from the EU Commission, COP28, IEA, and industry to debate the current status and way forward
- We are far behind the CCS goals and santioned projects, mostly in Europe
- Carbon Dioxide removal and reduction must be treated differently in terms of taxation and carbon credits
- There is a shift of interest and investment regarding CCS from Europe towards the USA, increasing the gap of CCS European projects and CO2 storage capacity
- Exceptions can be found in the UK, Denmark, and Norway where social acceptance is higher and government support is more evident
- Remaining concerns on how to tackle CDR in developed and undeveloped countries requires reinforced attention and investment
- Geological storage removals are easily measurable while land-based solutions are more complex to ascertain, and carbon credits must also reflect that difference.
- CO2 emissions are reducing at a much lower pace than foreseen and CCS is the only alternative to meet 2050 goals
In brief, CCS needs much more attention, governmental support and investment. Portugal is not an exception.
NET4CO2 has recently created a dedicated team to CO2 Geological Storage and has already initiated 3 projects to evaluate geostorage options domestic and abroad.