How a Belgium-UK Deal Could Cut Industrial CO2 Storage Costs by 28%
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📰 The quick summary: Belgium and the UK have signed a landmark agreement to enable the cross-border transport and permanent storage of captured CO2, giving Belgian industrial emitters access to the UK’s vast offshore storage capacity beneath the North Sea.
📈 One key stat: Opening a Europe-wide CO2 storage market could lower transport and storage costs for emitters in countries like Belgium by more than 28%, making industrial decarbonization significantly more affordable.
💬 One key quote: “Belgian industry is leading the way toward sustainability, even in sectors where CO2 emissions are difficult to reduce,” said Belgium’s Minister for Justice and the North Sea, Annelies Verlinden.
1️⃣ The big picture: Belgium and the UK have signed a Memorandum of Understanding under the London Protocol, creating the regulatory framework needed for cross-border CO2 transport and permanent storage between the two countries. Belgian industrial emitters can now access the UK’s growing carbon storage network, which holds significant offshore capacity beneath the North Sea. The Carbon Capture and Storage Association welcomed the agreement as an important milestone toward building a Europe-wide carbon storage market. According to a 2024 study, a shared European CO2 storage market could cut transport and storage costs for countries like Belgium by more than 28%. Beyond cost savings, the UK storage sector could generate around £30 billion (roughly $40.2 billion) per year in taxable revenue by 2050.
2️⃣ Why is this good news: Hard-to-abate industries in Belgium, which have struggled to find viable long-term CO2 storage solutions, now gain access to some of the largest geological storage resources in Europe. Cutting transport and storage costs by more than 28% makes carbon capture a far more realistic option for a wider range of industrial emitters, accelerating decarbonization across the region. As the UK’s first London Protocol agreement with another country, this deal sets a powerful precedent that other nations can follow, helping to build a truly interconnected European carbon management infrastructure. A shared storage market reduces the need for every country to develop its own expensive storage infrastructure, making the entire system more efficient and cost-effective. Over time, deals like this one can unlock billions in economic activity while helping Europe meet its climate targets by permanently removing CO2 from heavy industry.
3️⃣ What’s next: Belgium plans to continue working with European partners to establish broader rules governing carbon storage cooperation between the EU and the UK. Both countries will need to develop the technical and commercial infrastructure to move captured CO2 across borders at scale. Other European nations are expected to watch this agreement closely as a model for their own cross-border carbon storage arrangements.
Read the full story here: Carbon Herald – Belgium And UK Sign Agreement To Enable Cross-Border CO2 Storage
