Advancements in Carbon Reduction Activities in Europe (July 29, 2024 – August 04, 2024)
This report provides a detailed overview of the advancements in carbon reduction activities in Europe announced between July 29, 2024, and August 04, 2024. The information is compiled from various credible sources to present an objective and comprehensive view of the recent developments.
1. European Union Adopts Strategy to Develop Carbon Capture and Storage Technologies
On February 6, 2024, the European Commission adopted an Industrial Carbon Management Communication, outlining a strategy to boost the deployment of technologies that can capture, store, transport, and use CO2 emissions from industrial facilities. This initiative is part of the EU’s commitment to reaching net-zero CO2 emissions by 2050 and reducing net emissions by at least 55% by 2030.
The strategy includes actions to establish a business environment that enables industrial carbon management in the EU, with a focus on “hard-to-abate” sectors. The Commission plans to develop a platform for demand assessment and aggregation by 2026, and an EU-wide investment atlas of potential CO2 storage sites.
Source: Jones Day
2. New Measures to Reduce CO2 Emissions from Trucks and Buses
On April 10, 2024, the European Parliament adopted new EU rules to strengthen CO2 emission reduction targets for new heavy-duty vehicles, such as trucks, buses, and trailers. The legislation sets CO2 emissions reduction targets for large trucks and buses (45% for 2030-2034, 65% for 2035-2039, and 90% as of 2040). By 2030, new urban buses will need to reduce their emissions by 90% and become zero-emission vehicles by 2035.
Heavy-duty vehicles are responsible for more than 25% of greenhouse gas emissions from road transport in the EU and account for over 6% of total EU GHG emissions. Reducing these emissions is crucial for achieving the EU’s climate neutrality objectives by 2050.
Source: European Parliament
3. State of CO2 Removal in 2024
The second “State of CDR” report, led by a collaboration of scientific institutions from Europe and the US, summarizes the current status of CO2 removal from the atmosphere. The report covers various methods, including tree-planting and spreading silicate rock dust over land, and discusses their impacts, readiness, and cost.
Scientists emphasize the need for countries to cut their emissions as fast as possible to reach climate goals, highlighting the importance of CO2 removal technologies in achieving these targets.
Source: Carbon Brief
4. European Sustainable Energy Week 2024
The European Sustainable Energy Week (EUSEW) 2024, held in Brussels from June 11-13, 2024, featured key sessions on net-zero energy solutions, renewable energy sources, and energy efficiency. The event underscored the EU’s commitment to engaging resources on both policy and community levels to achieve a net-zero future.
With over 60 policy sessions and 7 plenaries, the event attracted more than 11,500 participants onsite and online, reinforcing Europe’s position as a leader in the global energy transition.
Source: European Sustainable Energy Week
5. International Conference of Net Zero Carbon Built Environment
The 1st International Conference of Net Zero Carbon Built Environment, held from July 3-5, 2024, in Nottingham, UK, focused on the role of the built environment in achieving global sustainability goals. The conference highlighted the importance of energy-efficient buildings and the need for new buildings to be Nearly Zero-Energy Buildings (NZEB) to meet carbon neutrality goals by 2050.
Participants discussed innovative approaches to reducing CO2 emissions from buildings and construction sectors, which are responsible for 40% of global energy use and 37% of global CO2 emissions.
Source: University of Nottingham
6. EU Carbon Removals and Carbon Farming Certification Regulation
On April 10, 2024, the European Parliament adopted the Carbon Removals and Carbon Farming (CRCF) Regulation, creating the first EU-wide voluntary framework for certifying carbon removals, carbon farming, and carbon storage in products. The regulation establishes EU quality criteria and monitoring processes to facilitate investment in innovative carbon removal technologies and sustainable carbon farming solutions.
The CRCF Regulation aims to boost high-quality carbon removals and improve the EU’s capacity to quantify, monitor, and verify such activities, addressing greenwashing concerns.
Source: European Commission
7. European Union’s Net Zero Industry Act
In June 2024, the European Commission adopted the Net Zero Industry Act to bolster the manufacturing of clean technologies. The act sets a target for Europe to produce 40% of net-zero technologies, such as solar panels and heat pumps, by 2030 and to capture 15% of the global market value for these technologies.
The legislation addresses challenges in scaling up manufacturing capacities and simplifies the permitting process for projects, supporting the EU’s energy and climate goals.
Source: European Parliament
8. Carbon Emissions Reduction in the European Power Sector
According to a report by Carbon Brief, European power-sector emissions have fallen by 20% since the last EU election. This reduction is attributed to the EU’s Green Deal, which aims to make Europe the first climate-neutral continent. The deal includes more carbon pricing, tougher sustainability targets, and broader reporting requirements.
The report highlights the challenges faced by businesses and policymakers in adapting to new regulations designed to combat climate change.
Source: Carbon Brief
9. World Energy Investment 2024 Report
The International Energy Agency’s (IEA) World Energy Investment 2024 report highlights the increase in clean energy investment in the European Union. The report notes that the EU has set a target to reduce net greenhouse gas emissions by at least 55% by 2030 and to reach climate neutrality by mid-century.
The report emphasizes the importance of diverse and resilient clean energy supply chains and the role of the Net Zero Industry Act in achieving these goals.
Source: International Energy Agency
10. EU Climate Law and Carbon Removals Certification Scheme
The EU Climate Law, agreed upon in April 2024, sets a limit on the levels of CO2 removal that can count towards the 2030 target, ensuring that states actively lower emissions rather than relying solely on carbon removals. The law also establishes a 15-member independent council to advise the EU on climate measures and targets.
Additionally, the European Parliament approved a new certification framework for carbon removals to boost their uptake and help achieve EU climate neutrality by 2050. The framework covers different types of carbon removals, including permanent carbon storage and carbon farming.
Source: European Parliament
Conclusion
The advancements in carbon reduction activities in Europe between July 29, 2024, and August 04, 2024, demonstrate the EU’s commitment to achieving its climate goals. From adopting new strategies for carbon capture and storage to implementing stricter emission reduction targets for heavy-duty vehicles, the EU is taking significant steps towards a sustainable and climate-neutral future.
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