The International Association of Oil & Gas Producers Europe (IOGP Europe) is urging the EU to establish a 'European CCS Bank' to support carbon capture technology, which is currently deemed economically unviable. The proposal aims to incentivize CO2 capture for strategic industries to prevent deindustrialization in the EU. The high costs associated with carbon capture and storage (CCS) pose significant challenges, with current carbon prices making it cheaper for industries to purchase emissions allowances. The EU has begun funding CCS projects through its Innovation Fund, but the IOGP advocates for a dedicated facility similar to the Hydrogen Bank. Critics argue that reliance on CCS may allow fossil fuel companies to continue harmful practices. Recent developments include a significant investment in a carbon capture project in Denmark and the UK government's plans for a new carbon capture industry.