🔮 Want to find out about the future CDR in the EU? Tune in to the confirmation hearings this week.

🇪🇺 The European Parliament's confirmation hearings for the Commissioners-designate kicked off yesterday and run until the 12th of November. 

WHY DOES IT MATTER?

💬 Nominees present their strategic priorities, providing insights into the European Commission's future direction on key issues – including climate policy and carbon dioxide removal (hashtag#CDR) and get grilled for three hours. 

WHO TO WATCH

Wopke Hoekstra, the Commissioner-designate for Climate, Net Zero, and Clean Growth, on Thursday, 7 November 2024, from 9:00 to 12:00 CET (link in comments) and a supporter of CDR as part of the EU’s climate strategy. Specifically he:

🎯 Has a commitment to a net 90% emission reduction target by 2040, with CDR as a necessary component, particularly for sectors where emissions are challenging to eliminate.

💹 Supports the phased inclusion of CDR within the hashtag#ETS framework, with a major review slated for 2026 to establish guidelines and incentives. 

Stéphane Séjourné's hearing on Tuesday, 12 November 2024, from 14:30 to 17:30, is the candidate for Executive Vice-President for Prosperity and Industrial Strategy. Look out for his positions on: 

💡 Net-Zero Industry Act (hashtag#NZIA) to drive Europe towards net-zero emissions by increasing the competitiveness and resilience of EU industries.

🏗️ His interpretation of the Industrial Decarbonisation Accelerator Act which could reveal how it will include CDR and influence Europe’s ability to reach its 2040 and 2050 climate targets particularly within the hard-to-abate industries.

WHAT ARE WE HOPING TO GET OUT OF THIS? 

As per an open letter signed by dozens of CDR companies (link in comments), we look forward to clarity on the following points:

🎯 Separate Targets for gross emissions reductions, LULUCF removals, and permanent CDR by 2040 to safeguard the integrity of the EU climate framework.

💼 Boosting a portfolio approach for CDR Funding, leveraging EU programmes, procurement pilots, and national initiatives like Carbon Contracts for Difference and tax breaks.

💚 Green Claims Directive: Ensure clarity for buyers in the voluntary carbon market, enforcing the 'like-for-like' principle where fossil emissions are balanced with permanent removals.

✅ Create long-term demand through compliance markets or a standalone removal obligation, ensuring alignment with the "polluter pays" principle while promoting emissions reductions.

❓ What do you want to find out? Are you feeling hopeful about the future of EU CDR policy?

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