EU asks 44 oil and gas producers to provide new CO2 storage solutions
The companies are required to participate to the EU target in proportion to their share of the Union's crude oil and natural gas production from 2020 and 2023, the Commission said in a statement.
"Having extracted hydrocarbons and contributing to greenhouse gas emissions, (the European oil and gas industry) will now contribute to storing CO2 and help mitigate climate change," said Kurt Vandenberghe, head of the Commission's directorate general for climate action.
"By combining their industrial know-how with faster permitting processes and robust financial support - including from the ETS-resourced Innovation Fund - we can make substantial progress in advancing industrial decarbonisation and modernisation in Europe," he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mirror
a few seconds ago
- Daily Mirror
Keir Starmer to sign off major new trade deal in boost to UK firms and shoppers
Prime Minister Keir Starmer will meet Indian PM Narendra Modi on Thursday to rubberstamp a trade deal, which is expected to add around £4.8billion to the UK economy each year Keir Starmer will sign off a major trade deal to make it easier for British firms to sell goods like whisky, cosmetics and cars to India. The Prime Minister will meet Indian PM Narendra Modi on Thursday to rubberstamp the pact, which will add around £4.8billion to the UK economy each year. The agreement will slash tariffs on trade between the UK and India, making it easier for UK firms to export and potentially offering cheaper prices to shoppers. India's average tariff on UK products will drop from 15% to 3%, so it is cheaper for British companies to sell goods to the Indian market. Whisky producers will see tariffs slashed in half from 150% to 75%, and duties are expected to fall further to 40% over the next ten years. Tariffs on British cars will fall from 110% to 10% under a quota system, and other industries including soft drinks and cosmetics are also expected to see cheaper duties. In return, the UK is expected to reduce tariffs on imports from India, which is likely to mean lower prices for British shoppers on clothing, footwear, and food. The deal is being billed as a major win for Britain amidst the chaos triggered by Donald Trump's trade tariffs. As one of the world's largest economies, India has long been a target for Brexiteers keen to show the benefits of leaving the European Union. Boris Johnson began negotiations in 2022 but failed to deliver on his boast that he would get a deal "done by Diwali'. His Tory successors Liz Truss and Rishi Sunak also struggled to make progress, with stumbling blocks including Indian tariffs on Scotch whisky and visa rules. The agreement is the most significant bilateral trade deal since the UK left the EU, as India is the UK's 11th largest trading partner, with trade of goods and services worth around £42.6bn last year. It is expected to boost that trade by an additional £25.5bn a year by 2040, and drive up British exports by another £15.7bn. The Prime Minister said: 'Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change. "We're putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we're determined to go further and faster to grow the economy and raise living standards across the UK." The deal is expected to create another 2,200 jobs across the country and attract £6 billion investment by British and Indian businesses, according to the Government. Some Indian and British workers will also gain from a three-year exemption from social security payments, to stop them from being forced to pay twice if they are temporarily transferred abroad. The UK has similar deals with countries like the USA, Canada and the EU. The deal does not include any change to UK immigration policy, including for Indian students, which had previously been a sticking point. William Bain, Head of Trade Policy at the British Chambers of Commerce, said: "The signing of this agreement is a clear signal of the UK's continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world's largest economies. 'Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that. This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services." The PM and his Indian counterpart are also expected to discuss bolstering joint efforts to tackle illegal migration and organised crime. Mr Modi is expected to meet King Charles on his two-day visit.
Reuters
2 hours ago
- Reuters
Oil prices steady with trade talks in focus
NEW YORK, July 23 (Reuters) - Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the U.S. after President Donald Trump reached a tariff deal, opens new tab with Japan. Brent crude futures settled 8 cents, or 0.12%, lower at $68.51 a barrel, while U.S. West Texas Intermediate crude futures were down 6 cents, or 0.09%, at $65.25 per barrel. On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the U.S., avoiding a harsher 30% levy slated to be implemented from August 1. Just hours earlier, Trump said the U.S. and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. "The trade deal with Japan might be a template for trade deals with other countries," said Andrew Lipow, president of Lipow Oil Associates. "On the other hand, the market is still concerned about the U.S. coming to an agreement with the European Union and China." The European Commission planned to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members. A vote is expected on Thursday, though no measures would be imposed until August 7. Both benchmarks lost about 1% on Tuesday after the EU said it was considering countermeasures against U.S. tariffs. "The slide (in prices) of the past three sessions appears to have abated, but I don't expect much of an upward impetus from news of the U.S.-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment," said Vandana Hari, founder of oil market analysis provider Vanda Insights. On the supply side, U.S. Energy Information Administration data showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. "That's a bullish swing," said Bob Yawger, director of energy futures at Mizuho. "It was largely a function of import-export dynamics." U.S. crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net U.S. crude imports fell last week by 740,000 barrels per day, the EIA said. In another bullish sign for the crude market, the U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Fashion United
2 hours ago
- Fashion United
EU and Japan agree on closer cooperation
Japan and the European Union (EU) aim to further strengthen their cooperation in the areas of economic security, trade and defence. For this purpose, both sides launched a "Competitiveness Alliance" at a summit meeting in Tokyo. "We will expand our cooperation on increasing the resilience of supply chains and reducing strategic dependencies," a joint final declaration stated. At the same time, the EU and Japan emphasised the importance of promoting free trade and multilateralism. Closer cooperation has become even more important against the backdrop of a "complex global geopolitical environment, in particular Russia's war of aggression against Ukraine, the serious challenges to a free and open Indo-Pacific, and other regional and international issues", the declaration continued. The EU and Japan are determined "to work with like-minded international partners to address these challenges". This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
