🇪🇺🛢️ ExxonMobil has initiated legal proceedings against the European Commission, challenging EU regulations under the Net Zero Industry (NZIA) Act that require oil and gas producers to finance carbon capture and storage infrastructure.
The company's subsidiaries in Belgium, Luxembourg and the Netherlands submitted an arbitration notice under the Energy Convention, claiming that the measures violate the principles of fair treatment, non-discrimination and investment protection.
The EU rules aim to achieve an annual CO₂ injection capacity of 50 million tonnes by 2030, and oblige major fossil fuel producers to build the necessary infrastructure to manage emissions. ExxonMobil claims the requirements are unfeasible due to high costs and slow approval processes and seeks to suspend its commitments.