The European Commission said on Thursday it had asked 44 oil and gas companies to contribute to the EU's collective target of storing at least 50 million tonnes of CO2 per year by 2030, as part of the bloc's aim to achieve climate neutrality.
The companies are required to participate in the EU target in proportion to their share of the Union's crude oil and natural gas production from 2020 and 2023, the Commission said in a statement.
"Having extracted hydrocarbons and contributing to greenhouse gas emissions, (the European oil and gas industry) will now contribute to storing CO2 and help mitigate climate change," said Kurt Vandenberghe, head of the Commission's directorate general for climate action.
"By combining their industrial know-how with faster permitting processes and robust financial support — including from the ETS-resourced Innovation Fund — we can make substantial progress in advancing industrial decarbonisation and modernisation in Europe," he added.
>> In Other News: A Rebrand with Purpose: Carbon Capture Faces the Future, Not the Past
Subscribe to the newsletter
Daily decarbonization data and news delivered to your inbox
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Latest issues
-
$170B Hydrogen Surge: Why 2025 Matters
Inside This Issue 💥 North America's $170B Hydrogen Surge: Why 2025 is the Tipping Point ⚙️ First Centrifugal on Board Carbon Capture System Launches 🌾 AgriCapture Rice Methane Reduction Project R...
-
Why Is Baker Hughes Betting $13.6B Now?
Inside This Issue 🏭 Baker Hughes to Acquire Chart Industries, Accelerating Energy & Industrial Technology Strategy ⛽ Next Hydrogen Launches Ontario’s Largest Onsite Clean Hydrogen Refuelling S...
-
North Dakota Facility Starts Delivering Real CO₂ Removal
Inside This Issue 💰 Gevo Sells Carbon Credits from North Dakota Asset ⚡ US Companies CPS Energy, Modern Hydrogen Agree to Work on Clean Power Generation Project ✈️ ESAF Takes Flight: Power-to-Liqu...
Company Announcements
-
RYAM and GranBio Sign MOU to Explore Cellulosic SAF Project at Jesup Facility
JACKSONVILLE, Fla. - Rayonier Advanced Materials Inc. (NYSE: RYAM) (the “Company” or “RYAM”), the global leader in cellulose specialty products, announced today the signing of a Memorandum of Under...
-
The following statement may be attributed to Jessie Stolark, executive director of the Carbon Capture Coalition (the Coalition), a non-partisan collaboration of companies, labor unions, and NGOs bu...
-
Asahi Kasei to Supply 1 MW-Class Alkaline-Water Electrolyzer to Hydrogen Project in Finland
DÜSSELDORF, Germany & TOKYO & NOVI, Mich. - Asahi Kasei will supply its Aqualyzer™-C3 containerized 1 MW-class alkaline-water electrolyzer to the Central Finland Mobility Foundation (Cefmof...
-
Montreal, Quebec--(Newsfile Corp. - July 30, 2025) -- Quebec Innovative Materials Corp. (CSE: QIMC) (OTCQB: QIMCF) (FSE: 7FJ) ("QIMC" or the "Company"), a leading innovator in clean natural hydroge...