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As the European Union intensifies its commitment to achieve climate neutrality by 2050, exploring innovative solutions to reduce greenhouse gas emissions becomes increasingly vital. Carbon Capture and Storage (CCS) and Carbon Dioxide Removal (CDR) technologies are indispensable components of this mission. While significant advancements have been made within the EU and EEA to develop CO₂ storage solutions, technical limitations and capacity constraints necessitate the exploration of storage options beyond EU borders.

This event aims to highlight the regulatory barriers and business opportunities associated with storing EU-generated CO₂ outside the EU. Discussions will focus on understanding existing EU and international regulations impacting cross-border CO₂ storage, such as the limitations of the Carbon Capture and Storage Directive and the restrictions under the London Protocol and Helsinki Convention. The session will examine policy gaps in EU legislation affecting international CO₂ storage projects and explore potential pathways to overcome these barriers, such as advocating for the ratification of the 2009 amendment to the London Protocol and updating the CCS Directive to explicitly address cross-border CO₂ storage.

A critical aspect of this discussion will be the challenges of making a robust business case for CO₂ storage beyond the EU, particularly concerning the value attribution of CO₂ reductions achieved through storage outside EU jurisdictions. The complexities of accounting for and crediting CO₂ sequestration in non-EU territories pose significant hurdles. These include regulatory uncertainties, potential conflicts with the EU ETS accounting mechanisms, and difficulties in ensuring compliance with EU regulatory criteria. Addressing these challenges is essential for companies to unlock the economic potential of international CO₂ storage and to contribute effectively to the EU’s climate objectives.

Agenda