Yesterday, Belgium and the UK signed a Memorandum of Understanding under the London Protocol, establishing the framework needed to enable the cross-border transport and permanent storage of CO₂ between the two countries.
At Carbon Catalyst Limited, we welcome this important development. Cross-border CO₂ transport and storage represents a significant opportunity for our Poseidon CCS project and our growing European emitter customer base. With one of the largest and most strategically located offshore CO₂ storage resources serving North-West Europe, Poseidon is well positioned to support Belgium’s industrial decarbonisation ambitions.
This policy milestone is a critical step towards delivering cost-effective emissions reduction across Europe, enabling industries to access high quality and cost effective UK storage capacity they need while accelerating investment in vital CCS infrastructure.
Belgium’s industrial sector has a growing need for CO₂ storage solutions, while the UK possesses some of Europe’s largest offshore storage resources. Connecting these complementary strengths is essential to building an efficient, scalable and competitive European carbon management market.
Studies have shown that opening a Europe-wide CO₂ storage market could reduce transport and storage costs for North-West European emitters by more than 28%, helping accelerate deployment while strengthening industrial competitiveness. Click here for more details – https://www.ccsassociation.org/resources/accelerating-a-europe-wide-co2-storage-market/
The agreement sends a strong signal to investors, project developers, emitters and storage operators that international collaboration is moving from ambition to implementation.
The momentum is building. The focus now must be on turning regulatory progress (especially harmonisation of the UK and EU ETS) into operational projects and delivering the infrastructure needed to decarbonise European industry at scale.
For more info on this read: https://www.belganewsagency.eu/belgium-and-uk-sign-agreement-on-carbon-capture-and-storage
