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Oil & gas faces its accountability moment

The Net-Zero Industry Act (NZIA), adopted by the EU in 2024, is a regulation designed to strengthen the EU’s capacity to manufacture the technologies needed to reach climate neutrality. Among these is Carbon Capture and Storage (CCS), a technology that captures CO₂ emissions from point sources and stores them permanently underground. To ensure the necessary CO₂ storage infrastructure develops in time to enable industries reliant on it to decarbonise and the EU to reach its climate goals, the NZIA in its Article 23 introduces an unprecedented obligation on oil and gas producers: by 2030, they must deliver enough CO₂ injection capacity across the EU to store 50 million tonnes of CO₂ per year.

For years, oil and gas producers have spoken about the need for CCS but have done little to make it happen. Now that the obligation is law, it must be rigorously enforced to make sure they start walking the talk.

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