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creating a competitive market which supports real growth in this space and real progress when it comes to carbon reduction targets .
Mads provides an explanation on the role which governments need to play to help achieve this : “ It ’ s important that the government supports businesses in this market by providing initial subsidies to help reduce costs . For example , the Danish Government provided us with a grant to demonstrate that Project Greensand was possible . Moving forward , the use of certain technologies will need government backing in terms of a legislative framework as well as helping to open the market to private companies and businesses .
“ I don ’ t think a subsidy regime would be required for a very long period before the market becomes competitive under
At some point , we will hopefully see a competitive industry begin to evolve the EU Emissions Trading System ( ETS ). At some point , we will hopefully see a competitive industry begin to evolve where it is cheaper to save or capture CO 2 than it is to pay for emissions under the ETS . Some of the bigger agencies believe this will happen around 2030 , but the quicker we can get this moving and the quicker we can get the cost curve down , the more impact we will have in the CCS market .” Looking ahead to the future of the business , Mads shares his hopes for INEOS Energy becoming wellestablished in the CCS space as well as continuing to support its core oil and gas offering efficiently . The company has also expressed an interest in expanding into new areas of green energy ; an exciting venture to watch out for in the future following the initial successes of Project Greensand . ■
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