From planning to implementation
In 2025, Europe reached a major milestone by deploying carbon capture and storage (CCS) at commercial scale. The Brevik cement plant in Norway, through the Northern Lights I project, became the first industrial facility to permanently capture and store CO₂, marking the establishment of the first operational CCS value chain in Europe. Around ten projects also reached Final Investment Decision (FID) between late 2024 and 2025 (e.g. Fluxys C-grid, Hafslund Oslo Celsio, projects linked to HyNet CCS UK), representing a capture capacity of about 4 Mt CO₂/year and storage capacity of 14 Mt CO₂/year. While these advances remain relatively slow compared to targets—a Net Zero scenario would require capturing ~280 Mt CO₂/year by 2040 and ~450 Mt CO₂/year by 2050 according to EU scenarios—they nevertheless demonstrate the reality of moving from planning to implementation of the CCS chain in Europe. The structuring of the European regulatory framework (NZIA, Clean Industrial Deal / Industrial Accelerator Act, etc.) and national support mechanisms (such as the GPID tender in France) should accelerate these developments in the coming years, in a context where public financial support remains essential given the gap between EU ETS prices and CCS value chain costs. The structuring of Carbon-as-a-Service (CaaS) offerings enabled by infrastructure development and partnerships between value chain players should also facilitate CCS deployment in the future.
Beyond the progress of a few large fossil CO₂ capture and storage projects, 2025 was also marked by continued development of players and projects related to negative emission credits (CDR – Carbon Dioxide Removal) from biogenic CO₂ storage (captured directly from air, oceans, or flue gases from bioenergy combustion). In Europe, Stockholm Exergi, Hafslund Oslo Celsio, and Ørsted all reached FID thanks to a model supported by public funding but above all by long-term CDR purchase agreements with Microsoft, originating from the voluntary carbon market (VCM). Across the Atlantic, players such as Oxy LCV (Occidental Petroleum’s Low-Carbon Ventures subsidiary) and Deep-Sky are structuring an integrated developer position (fully or partially) for DACCS projects based on monetizing CDR credits. At the European level, the eventual integration (by 2030) of CDR into the EU ETS (currently under discussion, with several possible integration modalities) could expand this market potential.
On the carbon utilization side, e-fuel project developers have now secured positions on the most competitive biogenic CO₂ sources (bioethanol/biofuels, paper industry, etc.), and capturing these emissions will depend on the realization of these projects. At a smaller scale, the capture and valorization of biogenic emissions from green gas production is generating high expectations within the sector, and some players (such as VerdeMobil in France) have successfully developed and structured a CO₂ commercialization activity for current users (agri-food industry, greenhouse operators, etc.) based on a portfolio of CO₂ capture and liquefaction assets from methanization.
In 2026, we will pay particular attention to:
- The outcome of CCS tenders/support programs launched in 2025 and awaiting winners (France, UK, NL, etc.)
- The evolution of the CDR market and the players positioned in this space
- The development of innovative business models around carbon valorization
- The evolution of the European regulatory framework structuring the CCS market and value chain (Industrial Accelerator Act, integration of CDR into EU ETS, integration of waste-to-energy plants into EU ETS, etc.)
E-CUBE has developed strong expertise on the topic of CCUS through its recent projects and the experience of its consultants. We would be delighted to discuss these market perspectives and opportunities with you. Please feel free to contact the experts below to schedule a conversation on the topic.
