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Union level objective of CO2 injection capacity 1. An annual injection capacity of at least 50 million tonnes of CO2 shall be achieved by 2030 in storage sites, meaning geological storage sites permitted under Directive 2009/31/EC including depleted oil and gas fields and saline aquifers, located in the territory of the Union, its exclusive economic zones or on its continental shelf within the meaning of the United Nations Convention on the Law of the Sea and which are not combined with Enhanced Hydrocarbon Recovery.

2. All storage sites shall be designed to operate for a minimum of five years and shall respect the principles of fair and open access provided in a transparent and non-discriminatory manner, as defined in Directive 2009/31/EC.

3. By 30 June 2027 and every two years thereafter, the Commission shall submit a report to the European Parliament and to the Council on the progress achieved towards meeting the Union annual injection capacity target, including the state of the market related to the injection capacity. The reports shall include an overview of the geographical spread of storage sites across the Union. The first report shall assess whether it is considered to be necessary to introduce a Union-wide objective for 2040 or earlier if needed.

4. The reports referred to in paragraph 3 shall include a CO2 storage and injection capacity assessment, using, in particular, the information collected pursuant to Article 21(2) and Article 23(6). The reports shall:

(a) provide a detailed analysis of the geographical and temporal planning of CO2 storage sites and of the CO2 capture projects for CO2 emissions from industrial installations within the Union taking into account the specific potential for CO2 usage to contribute to the permanent storage of CO2;

(b) identify the main infrastructure needed for the transport and storage of CO2 emissions from industrial installations throughout the Union;

(c) provide a detailed analysis on the possible barriers obstructing the development of the CCS market.

5. By 31 December 2028, the Commission may submit, on the basis of the assessment referred to in paragraph 3, a legislative proposal to introduce a new Union-level objective for CO2 injection capacity by 2040 or earlier if needed. If the Commission decides not to propose a legislative proposal to introduce that objective, it shall provide the European Parliament and the Council with reasons for its decision.

6. Within three months of the signature by the Union of an international agreement relating to this Chapter, the Commission shall submit a report assessing the implications of the international agreement, in particular with regard to promoting and safeguarding the Union’s environmental standards, climate objectives and the potential need for additional Union policies and measures in view of the provisions of that international agreement. On the basis of that report, the Commission shall, as appropriate, submit a legislative proposal to the European Parliament and to the Council amending this Regulation pursuant to paragraph 1.

7. The Commission shall publish guidelines indicating the appropriate levels of CO2 purity and of trace elements within the CO2 stream for CO2 storage projects contributing to the Union's injection capacity objective.