Search
Close this search box.

Terminal News

FETSA Welcomes Net-Zero Industry Act

Written by...

Picture of Anamika Talwaria

Anamika Talwaria

Editor & Head of Content for Tank Storage Magazine & StocExpo and Chair of Women in Tanks.

EU lawmakers have adopted the Net-Zero Industry Act (NZIA), a regulation aimed at strengthening the resilience and competitiveness of net-zero technologies manufacturing in the EU, and make the Union’s energy system more secure and sustainable.

The Act sets an overall benchmark for the manufacturing capacity of strategic net-zero technologies to meet at least 40% of the EU’s annual deployment needs by 2030. It also sets a target for an annual injection capacity in CO2 storage of 50 megatonnes (Mt) CO2 by 2030, to drive the development of carbon capture and storage (CCS). The list of technologies to benefit from the NZIA’s enabling procurement and accelerated permit-granting conditions includes renewable energy technologies, renewable fuels of non-biological origin (RFNBOs), sustainable alternative fuels, and energy storage technologies.

Ravi Bhatiani, executive director of FETSA, comments: ‘Today, we see the EU acting to accelerate the roll out of net-zero technologies, whilst being conscious of the need to ensure secure energy supplies in the future. A number of strategic technologies are listed in the NZIA. This should direct capital towards infrastructure projects at terminals planning for the storage of new energy carriers such as SAFs. Storage infrastructure has to adapt to current geopolitical volatility impacting security of supply. It also has to adapt for industries and customers to meet global climate ambitions. The NZIA sends a strong signal that storage infrastructure is net-zero compatible and has key role to play in the transformative journey ahead. We therefore urge governments to ensure that funding streams, as well as permitting and procurement procedures, facilitate the participation of storage infrastructure operators. Permitting is one of the most complex and lengthy challenges for storage terminals to overcome when making new investments. The NZIA is a regulatory signal that the bulk liquid storage sector is deemed to be critical for the energy transition in Europe.’

Share this article:

Latest terminal news