With the Net-Zero Industry Act, the European Commission will reduce the administrative burden and simplify permit-granting processes for renewable energy projects, accelerate the use of CO2 capture and storage and improve conditions for investment in net-zero technologies.

As part of the new act, the European Commission has presented targets for CO2 injection capacity of 50m tonnes annually by 2030.

“Europe has historically been at the forefront when it comes to green innovative solutions, but if we want to continue to play a vital role in the green transition of our world, now is the time to act,” commented Anne Steffensen, director general and CEO in Danish Shipping. The proposed regulation now needs to be discussed and agreed by the European Parliament and the Council of the European Union before its adoption and entry into force.