December 12, 2023

CO2 storage: Keeping the bar high for the oil and gas industry

This week marks the beginning of the trilogues on the Net-Zero Industry Act, the final step in the EU legislative process.

In their first meeting, EU co-legislators will discuss the provisions on CO2 storage. Ahead of this timely discussion, we call on them to secure ambitious measures and ensure oil and gas producers are held accountable for developing carbon storage, so they can finally take responsibility for the negative impact of their products on the climate.

In particular, the NZIA must:

  • Confirm the injection capacity target of 50 Mt of CO2 by 2030 and hold oil & gas entities accountable for it, including from a financial point of view
  • Limit derogations for Member States and ensure the obligation on oil & gas (Article 18) can fully be implemented across the Union
  • Call on the Commission to propose dissuasive penalties for non-compliance as well as updated CO2 storage targets for 2035, 2040 and 2050