Brussels, 9 September 2024 --

Chris Davies, director of Carbon Capture & Storage Europe (CCS Europe), reacts to the publication of Mario Draghi's report on competitiveness, and its implications for CCS.  

The report's recognition that massive investment in carbon capture technologies is needed if hard-to-abate and energy intensive industries are to decarbonise has been welcomed by CCS Europe as a much needed development. 

In Chris Davies' words:  “Achieving this will become increasingly urgent as free carbon allowances under the EU ETS come to an end and business has to start paying the full cost of its emissions.”

“Carbon capture is a case study for the dilemma that Draghi addresses.  European industry must decarbonise but we will not have the finance to support the work needed unless we raise our productivity to record levels," Davies concludes.