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Energy Business
Tariq Siddiqui
Tariq Siddiqui
Top Contributor
 · Posted in Energy Business

Net-Zero Industry Act: Making the EU the home of clean technologies manufacturing and green jobs

European Net-Zero Industrial Act (NZIA) and US Inflation Reduction Act (IRA) Set to provide much needed framework and boost  CCUS technology and clean tech markets  

Act will strengthen the resilience and competitiveness of net-zero technologies manufacturing in the EU, and make our energy system more secure and sustainable.

KEY FEATURES FOR CCUS

Although NZIA is much broader implication, but CCS is important beneficiary. It follows EU goal of achieving Net-Zero through several technologies and recognized CCUS as key for reducing emissions

  • Accelerating CO2 capture: the Act sets an EU objective to reach an annual 50Mt injection capacity in strategic CO2 storage sites in the EU by 2030, with proportional contributions from EU oil and gas producers.
  • This will remove a major barrier to developing CO2 capture and storage as an economically viable climate solution, in particular for hard to abate energy-intensive sectors.

President  EU Commission Ursula von der Leyen - 15/03/2023

We need a regulatory environment that allows us to scale up the clean energy transition quickly. The Net-Zero Industry Act will do just that. It will create the best conditions for those sectors that are crucial for us to reach net-zero by 2050: technologies like wind turbines, heat pumps, solar panels, renewable hydrogen as well as CO2 storage. Demand is growing in Europe and globally, and we are acting now to make sure we can meet more of this demand with European supply.

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