1. CCUS development depends on both broad policy frameworks and specific project success factors
Given the current emission trajectory, CCUS technology is needed to reach net zero in line with Paris targets. Despite some progress, there is a substantial gap in scaling up CCUS to attain the capacity required for a net-zero pathway, and a 100-fold increase is needed to meet net-zero targets. The discussion covers the macro and micro perspectives of CCUS development, highlighting the importance of both broad policy frameworks and individual project success factors, including risk management, government engagement, commercial contracting, and organizational capability building.

2. UK - CCUS is a necessity, not an option
The UK’s geography, expertise, and policy offer significant storage potential and help develop a market for CO₂ imports. The nation is strategically focusing on industrial clusters to mitigate the risks of stranded assets while maximising the benefits of carbon management initiatives. It has committed up to £20 billion to the early deployment of CCUS. The UK’s vision also involves a shift from a government-led approach to a market-led, private sector-driven approach. The UK aims to create a self-sustaining CCUS sector that supports thousands of jobs and reduces emissions to ensure a better environment for future generations, and to become a global leader of CCUS.

3. Norway – Developing a European vision for CCS
Norway has been a leader in CCS with significant developments in the field dating back to 1986. The Longship project, supported by the government since 2020, is notable for addressing the 'chicken and egg' problem in CCS—with the government acting as a middleman and ensuring both capture and storage projects proceed simultaneously. The government aims to speed up the deployment of CCS globally and facilitate commercial CO₂ storage and capture in Norway. It also envisions developing a self-sustaining, commercial CCS market across Europe, potentially leading to a liquid market where CO₂ can be traded independently of specific capture and storage arrangements.

4. Canada – Leveraging and supporting international collaboration to realize global climate goals
Canada recognizes carbon management as a key pillar of its climate plan and clean economy strategy. The nation’s Carbon Management Strategy launched last September delineates a strategic vision and lays out an extensive federal framework designed to expedite the adoption of CCUS/CDR, encompassing a $319 million fund for advancing the commercial viability of CCUS technologies among other incentives. Provinces like Alberta, British Columbia, Saskatchewan, and more are also highlighted for their proactive measures in creating conducive environments for carbon management projects. Moreover, Canada underscores the necessity of collaboration and remains committed to fostering international partnerships. It aspires to leverage these collaborative efforts to unlock the full potential of carbon management technologies and to collectively advance towards achieving global climate objectives.

5. Achieving the necessary scale for CCS deployment is feasible, but attaining commercial viability comes first
Scaling up and commercializing CCS faces significant challenges, including high costs, lack of incentives, regulatory insufficiencies, and the ‘chicken and egg’ investment conundrum. Equinor's CO₂ Highway Europe project is a leading initiative that illustrates the feasibility of a future-focused CO2 transportation and storage framework, centering emitters in Northwest Europe with storage solutions in the North Sea. This initiative is crucial for visualizing the prospective CCS value chain in Europe and instills confidence in policymakers, but it still needs a collaborative commitment from various emitters and stakeholders to proceed further. Aspiring to lead the charge in the energy transition, Equinor is committed to not only shaping the CCS industry but also to catalyzing its commercial viability.

6. Government and industry need to think outside the box to overcome CCUS investment barriers
The global CCUS project pipeline, while expanding, falls short of 2050 capacity targets, highlighting the urgency for accelerated deployment to meet climate goals. Europe and North America are leading in announced capital spending plans for CCS projects, followed by Asia Pacific and the MENA. Investment drivers vary across regions, affecting the funded sectors and CCUS deployment strategies. Key challenges to CCS financing encompass government recognition, risk sharing, high capital costs, access to storage, and long-term economics. Effective solutions involve establishing clear off-takers, integrating CCS into national strategies, ensuring infrastructure access, and implementing demand-side incentives for low-carbon products. In the long run, demand-driven measures will be pivotal to the viability and competitiveness of CCUS.