en.Wedoany.com Reported - Belgium and the United Kingdom recently signed a memorandum of understanding on cross-border CO2 transport and storage, establishing a regulatory framework under the London Protocol to enable Belgian industrial emission sources to access offshore storage networks in the UK North Sea.

The Carbon Capture and Storage Association (CCSA) welcomed the agreement, calling it a significant milestone in the development of the European carbon storage market. The association noted that enabling cross-border storage infrastructure interconnection could significantly reduce costs for industrial emission sources in Northwest Europe; a 2024 study found that opening a Europe-wide CO2 storage market could reduce transport and storage costs for emission sources in countries like Belgium by more than 28%. The report also estimated that the UK storage sector could generate approximately £2 billion (around $2.6 billion) in taxable revenue annually by 2030, and up to £30 billion (around $40.2 billion) annually by 2050.

Belgian Minister for Justice and the North Sea, Annelies Verlinden, stated at the signing ceremony that the agreement would support hard-to-abate industries in reducing emissions. She said: "Belgian industry is leading the way in sustainable development, even in sectors where CO2 emissions are difficult to reduce." She added that Belgium would continue to work with European partners to develop broader rules governing carbon storage cooperation between the EU and the UK.

UK Energy Minister Lord Whitehead described the agreement as the first London Protocol arrangement signed between the UK and another country, marking an important step toward creating an international market for carbon capture, utilization and storage (CCUS).

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