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The Net-Zero Industry Act

The European Parliament and Council have endorsed a law aimed at boosting investment in clean technologies

Photo: Marcin Jozwiak /unsplash.com
Photo: Marcin Jozwiak /unsplash.com

, 30.05.2024, 14:00

The European Council and Parliament have endorsed the final form of a law aimed at boosting clean technologies in Europe. Among these are the methods of capturing CO2 emissions and this translates into new obligations and opportunities for the Romanian oil and gas companies

The Net-Zero Industry Act provides for incentives to all investments in clean technologies concurrently with curbing the EU’s dependency on fossil fuels. Through this document, the Union wants that by 2030, at least 40% of the production of clean technologies it needs, be made on the Union’s territory. Some of the advantages offered to this type of industry is simplifying the investment legislation and cutting the time needed for getting permits and authorizations.

On the other hand, the member states will be able to grant preferential funding schemes for investment in clean technologies with a better market access. They will also be able to introduce new public tender criteria so that clean technologies are favoured. These include the photovoltaic and wind systems, heat pumps, hydrogen, the nuclear energy or the battery industry.

In order to cut down on emissions the law also provides for projects for CO2 storage and the European oil and gas producers have clear obligations to provide these injection reservoirs.

The target is of 50 million tons of injected CO2 by 2030 and since Romania is the second European producer, local companies have the obligation to provide deposits for the injection of 9 million cubic meters. Romanian companies Romgaz and Petrom have shown dissatisfaction because they must invest in injection before finding proper customers for this job.

According to the latest Euro-barometer, the Europeans continue to voice their concern regarding the environment considering it an aspect, which affects them personally.

Over three quarters of the Europeans believe that environment issues have a direct impact over their everyday life and health. At the same time more than four out of five respondents have admitted that the EU legislation in the field is needed to protect the environment in their country. Citizens are also concerned about the costs of pollution and 92% of them believe it is the companies that should pay for curbing pollution whereas 74% of them say that public authorities should cover the costs.

The poll also shows the citizens’ concern about pollution and water shortage, their support for the circular economy and environmental protection as well as for raising people’s awareness about the impact of toxic chemical substances.

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