Belgian firms launch CO2Net to turn carbon into economic growth

Thirteen companies have joined forces to create CO2Net, a new Belgian federation aimed at reducing, removing and reusing carbon dioxide (CO2). The group, presented on Thursday at the Port of Antwerp, sees CO2 not only as a climate challenge but also as a potential driver of future economic growth.

Technologies such as carbon capture and storage (CCS) and carbon capture and utilisation (CCU) are not new, but they remain energy-intensive and expensive. “There is not yet a real value chain for a CO2 industry, though we must prepare for it”, said Paul De Bruycker, chair of Vlaanderen Circulair and CEO of waste processor Indaver.

Preparation, he noted, will require infrastructure such as pipelines. These projects often depend on subsidies. “At the heart of it, it comes down to money. The question is: who will pay?” he added.

“CO2 should be seen as a lever for economic activity and growth”

CO2Net stresses it is not a lobby group but a collaboration between leading firms including Deme, Sea Invest, Alco Biofuel and Green Logix Biogas. Founding member Geert Magerman said the initiative is about opportunity: “CO2 should be seen as a lever for economic activity and growth. The ingenuity of industry is the key.”

The federation plans a series of meetings in the coming months to explore solutions. Yet most experts agree it may take another decade before carbon-based business models become truly profitable.

^{Nuclear power plant Doel in Antwerp © BELGA PHOTO NICOLAS MAETERLINCK}