ExxonMobil challenges EU climate demands.
The company has already begun confidential arbitration proceedings.
ExxonMobil is requesting a temporary suspension of deadlines for carbon storage infrastructure, which must be delivered by 2030.
We are talking about the net zero industry law. According to this, by the end of 2030, the EU should have the capacity to pump at least 50 million tons of CO₂ per year into underground storage facilities. 44 oil and gas companies are required to contribute to the creation of this infrastructure, in relation to their production in the European Union for the years 2020-2023.
CO₂ captured in industrial plants is going to be "canned" for permanent storage. The EU hopes that affordable storage will help reduce emissions in industries where it is particularly difficult. Currently, the target is 50 million tons per year.
ExxonMobil considers the timing unrealistic. According to the company, oil and gas producers are required to create storage facilities, although the market for capturing and transporting CO₂ is still undeveloped.