EU ETS funding modalities crucial to CCS deployment
Published by Angharad Lock,
Digital Assistant Editor
Oilfield Technology,
The Environment Council recently debated the reform of the EU Emissions Trading System (EU ETS) Directive.
The EU ETS is a major tool for achieving the EU’s decarbonisation targets and for enabling the block’s contribution to pursuing a 1.5°C limit endorsed in the Paris Agreement.
The system would have been a key long-term driver for critical low-carbon technologies such as Carbon Capture and Storage (CCS). However, due to the currently low carbon price, additional funding support measures for CCS are vital to spur the deployment of CCS in power and industrial sectors.
Dr. Graeme Sweeney, Chairman of the Zero Emissions Platform, said: “The absence of a discussion on CCS in the context of the EU ETS reform and related funds is regrettable. The Innovation and Modernisation funds are absolutely key to the development of CCS projects and corresponding transport and storage infrastructure. We encourage policy-makers to ensure that these funds are designed to incentivise this critical breakthrough technology.”
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/hse/21062016/eu-ets-funding-modalities-crucial-to-ccs-deployment-2668/
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