Belgium and the United Kingdom have signed a Memorandum of Understanding under the London Protocol to allow cross-border transport and permanent storage of captured CO2. The deal gives Belgian industrial emitters access to the UK's offshore storage capacity in the North Sea, a key step toward building a linked European carbon storage network. The Carbon Capture and Storage Association estimates that a Europe-wide CO2 storage market could cut transport and storage costs for emitters in countries like Belgium by more than 28%. The UK storage sector could generate around 2 billion pounds annually by 2030 and up to 30 billion pounds per year by 2050 in taxable revenue. Belgium's Minister for Justice and the North Sea said the agreement supports hard-to-abate industries in reducing emissions. UK Energy Minister Lord Whitehead called it the first London Protocol arrangement signed by the UK with another country and a milestone for creating an international CCUS market.
