European Commission initiates Net-Zero Industry Act

The European Commission initiated its Net-Zero Industry Act that will help roll out carbon capture technology to ships. With this act, the administrative burden will be reduced and the permit grant process will be modified for renewable energy projects leading to quickening the use of CO2 capture and storage and enhancing the conditions for net zero tech investment.

The European Commission has maintained the target of a CO2 capture capacity of 50 m tonnes annually by 20230. Anne Steffensen, director general and CEO of Danish Shipping stated that when it comes to green innovation, Europe has always been at the forefront, but now is the time to act for the green transition.

The planned regulation must now be discussed and agreed upon by the European Parliament and the Council of the European Union before it is accepted and implemented.