Analysis by Carbon Limits for Clean Air Task Force has assessed some of the capital funding from major EU support schemes for renewable energy since 2012 on the basis of euros spent per tonne of CO2 avoided.
In response to rising carbon prices and binding net zero targets, more and more polluting industries in Europe have announced their intention to capture their CO2 emissions for permanent geological storage. The CATF project map indicates around 50 such initiatives across diverse sectors and geographies, amounting to over 80 Mt captured per year by 2030. But will there be enough storage space to accommodate all this CO2?
Carbon capture and storage will not need public support indefinitely, as higher carbon prices and demand for low-carbon products emerge and technology costs are driven down. But strong investment is now essential to help cover first-mover costs and establish shared infrastructure for CO2 transport and storage.