00:02Oil and gas giant ExxonMobil is suing the European Commission over EU rules requiring fossil fuel producers to contribute to
00:10carbon storage targets.
00:11The group is challenging provisions of the EU's Net Zero Industry Act obligations on carbon storage.
00:17Under this text, authorized oil and gas producers must contribute to the EU's target of achieving 50 million tonnes of
00:24annual CO2 injection capacity by 31 December 2030.
00:29ExxonMobil argues that the EU's stringent climate requirements are impossible to meet because of lengthy permitting procedures and high costs.
00:37The group alleges that the EU has breached provisions of the Energy Charter Treaty relating to fair and equitable treatment,
00:45non-discrimination and the protection of investments against expropriation.
00:49The case raises questions about how far the EU can go in making fossil fuel producers pay for the energy
00:54transition.
00:55The European Commission told Euronews it does not comment on ongoing legal cases.
