Carbon emitters in Europe using offshore carbon dioxide (CO2) storage would benefit from 21% cost savings, according to a new report from The Carbon Capture and Storage Association (CCSA).
The report found emitters in EU27 countries would also benefit from a €16/t reduction in the cost for offshore transport and storage, representing 28% cost savings – though current policies are a barrier.
With the EU alone projected to need 164 MtCO₂pa of offshore CO2 storage by 2040, this would represent €2.6bn in annual savings, the report states.
The report, based on modelling and analysis by Xodus Group, shows that enabling cross-border CO2 transport and storage is critical for reducing emissions efficiently and on time.
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