The European Commission published ambitious plans to develop a regional carbon capture market capable of transporting up to 280 million tonnes of carbon dioxide per year by 2040 on 6 February.

The announcement was made as part of the EU’s Industrial Carbon Management Strategy, which was launched alongside wider plans to establish a 90 percent net zero reduction target by 2040. The latter plan introduces an intermediate target between the bloc’s 55 percent reduction target by 2040 and the net zero target by 2050.

The strategy envisages expanding CO2 capture targets from 50 million tonnes per year (mtpa) to 280 mtpa by 2040 to 450 mtpa by 2050.