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ExxonMobil launched arbitration against the European Union over demands to create infrastructure to store carbon dioxide by 2030. The company aims to suspend the relevant provisions of the Net-Zero Industry Act, considering the unrealistic timetable. The main argument is the lack of a viable market that can guarantee the reward of new capabilities. According to ExxonMobil, the industry is forced to invest in expensive infrastructure before the conditions for its commercial exploitation are created. The company warns that these costs will eventually lead to higher energy prices. The dispute concerns a central contradiction of the European climate policy: the obligation to comply with the schedule faces the issue of the project's remuneration. The arbitration will resolve the conflict between the requirements of the law and the objections of the business. For ExxonMobil, not only the scope of the commitments is essential, but also the requirement to build capabilities by 2030. ECONOMY

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Экономикон · · Source

ExxonMobil launched arbitration against the European Union over demands to create infrastructure to store carbon dioxide by 2030. The company aims to suspend the relevant provisions of the Net-Zero Industry Act, considering the unrealistic timetable. The main argument is the lack of a viable market that can guarantee the reward of new capabilities. According to ExxonMobil, the industry is forced to invest in expensive infrastructure before the conditions for its commercial exploitation are created. The company warns that these costs will eventually lead to higher energy prices. The dispute concerns a central contradiction of the European climate policy: the obligation to comply with the schedule faces the issue of the project's remuneration. The arbitration will resolve the conflict between the requirements of the law and the objections of the business. For ExxonMobil, not only the scope of the commitments is essential, but also the requirement to build capabilities by 2030. ECONOMY

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