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From our point of view, this includes Projects of Common Interest and there are significant opportunities to create networks of infrastructure in the energy and industrial space; the Connecting Europe Facility is just one example of this.CCUS is a vital technology for decarbonising waves of industry, particularly in a deeply carbonised world.

As a result, the confidence of emitters can be gained in that they have access to an infrastructure which works.

I would argue that a core issue has arisen from the directive in the form of liability.

The way in which the directive is currently structured places a substantial level of liability on the storer, which is hard to value going forward.

Fundamentally, the NER300 structure was far too restrictive for first-of-a-kind projects – across a range of technologies – which it attempted to support.

This was also true of the innovative renewables projects that were eligible. The first lesson is that attempts to use funds for the delivery of CCUS projects – with their inherent complexity, differing participants and skills, and significant counterparty risks – isn’t the best strategy.

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