Carbon Reduction Activities in Europe: Late November 2024
Executive Summary: The European Union continues to advance its climate goals with significant policy updates and initiatives. Recent developments include the establishment of a new EU registry for carbon removals, the approval of the Net-Zero Industry Act, and the allocation of substantial funds for carbon capture and storage projects. These efforts are part of the EU’s broader strategy to achieve climate neutrality by 2050.
Introduction
Between November 25, 2024, and December 01, 2024, the European Union (EU) announced several key initiatives aimed at reducing carbon emissions and advancing its climate goals. These initiatives are part of the EU’s ongoing efforts to achieve climate neutrality by 2050, as outlined in the European Green Deal.
Key Developments
1. Establishment of an EU Registry for Carbon Removals
The European Parliament approved the establishment of a new EU registry for carbon removals. This registry aims to ensure transparency in carbon removal activities, provide public information, and prevent fraud and double counting. The initiative underscores the EU’s commitment to complementing emission reduction efforts with carbon removal strategies.
Source: European Parliament News
2. Approval of the Net-Zero Industry Act
The European Parliament also approved the Net-Zero Industry Act, which aims to boost the EU’s capacity to capture, transport, and store carbon safely. The act sets a target for the EU to store at least 50 million tonnes of CO2 annually by 2030. This legislative move is designed to alleviate administrative burdens and support innovation in the carbon management sector.
Source: European Parliament News
3. Funding for Carbon Capture and Storage Projects
The European Commission allocated nearly €600 million to various carbon dioxide (CO2) projects. Notable allocations include €189 million for the D’Artagnan CO2 export hub in Dunkirk, France, and €157 million for CO2 infrastructure in Rotterdam, Netherlands. These projects are part of a broader strategy to establish an EU-wide carbon value chain and contribute to the EU’s climate goals.
Source: European Commission Energy News
Conclusion
The recent announcements by the EU highlight its proactive approach to addressing climate change through a combination of regulatory measures and financial investments. By focusing on carbon removals, industrial carbon management, and infrastructure development, the EU is reinforcing its commitment to achieving climate neutrality by 2050.
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