On the 31st of January, the European Commission published the 2nd list of Union candidate projects in the thematic area of cross-border CO2 transport and storage networks applying for Project of Common Interest (PCI) or Project of Mutual Interest (PMI) status. A total of 19 cross-border CO2 transport and storage infrastructure projects applied for PCI/PMI status in 2024, covering 17 Member States, and 2 countries outside of the EU.

Acquiring PCI/PMI status would accelerate the implementation of these projects through reduced administrative hurdles and faster permitting procedures, increasing the speed of industrial decarbonisation in Europe and getting EU countries closer to the 2050 net-zero target. PCI and PMI projects are also eligible to apply for funding from the Connecting Europe Facility under the TEN-E Regulation aiming to modernise and expand cross-border energy infrastructure in Europe.

Awarded projects are granted this status for a period of two years. After this time, they must reapply to retain their status in the next cycle. This year, 13 out of the 19 projects are reapplying to extend their PCI/PMI status, highlighting the continued relevance and development of cross-border CO2 infrastructure initiatives in the EU and with third countries. 

The development of CO₂ infrastructure networks is a crucial enabler for the decarbonisation of European industries, particularly in the case of hard-to-abate industries that cannot fully decarbonise without access to carbon capture and storage (CCS) technologies. These networks will allow for the permanent storage of captured CO₂ and build the necessary infrastructure that can support Europe’s transition to climate neutrality. 

Granting PCI or PMI status to key CO₂ infrastructure projects is essential in a context where the market is still emerging. These projects face considerable risks, including high investment risks coupled with high upfront capital investment needs, regulatory uncertainty, and a secure business case. PCI/PMI status will therefore play an important role in de-risking investment, accelerating permitting, and speeding up the deployment of CCS infrastructure, thereby contributing to Europe’s wider industrial decarbonisation objectives as outlined in the Clean Industrial Deal. 

Download the PDF to read our assessments of the 2nd Union list of candidate projects.