The development of carbon capture and storage (CCS) technology promises multiple benefits to the country’s environment, economy and industry as the achievement of carbon neutrality targets and an effective response to growing demand for low-carbon products can establish the country as a leader in sustainable development, EDEYEP (Hellenic Hydrocarbons and Energy Resources Management Company) and professional services firm KPMG have noted.

The development of CCS technology can provide a competitive advantage to Greek industries, creating employment opportunities and attracting EU funding, in particular through the Innovation Fund, they pointed out.

Building a value chain in CCS technology will contribute to the country’s prosperity and the achievement of its climate goals, while contributing to the global effort to combat climate change, EDEYEP and KPMG noted.

Though a related framework has been prepared, it requires more flexibility, according to EDEYEP and KPMG.

An important step in this direction was taken with a new regulation allowing holders of hydrocarbon exploration and exploitation concessions to use surveys they have already carried out, and the data they have collected, to obtain a permit to explore for CO2 storage in parts of the block they have been granted.