The Decarbonisation Perspectives: The Implementation of Carbon Capture and Storage Projects in the Oil and Gas Industry Under the Serbian Climate Change Act

Serbia has a great potential for the implementation of carbon capture and storage projects in the oil and gas industry. The recently adopted Climate Change Act provides the stimulation mechanism named Clean Development Mechanism (CDM) that proved its efficiency under the Kyoto Protocol. CDM would motivate the major industry players, especially Naftna Industrija Srbije j.s.c. (NIS), to focus on carbon capture and storage (CCS) projects aiming to benefit from the reduction of CO2 emissions and contribute to the overall sustainable development of Serbia. Currently, the Serbian Government has not enabled CDM implementation under the Climate Change Act via by-laws due to uncertainties in the world carbon markets. The CDM should be enabled in the nearest future, as any delay in deployment of CCS would negatively affect the Republic of Serbia’s target to reduce its GHG emissions by 9.8% below 1990 levels by 2030, and NIS’s goal to foster CCS technologies.