CO2 capture, utilization, and storage (CCUS) can help decarbonize both power generation and industrial sectors such as cement, steel and chemical production. CCUS is proven, with 19 large-scale commercial projects in operation today. However, largely due to lack of viable business models, CCUS deployment today is still well below where it needs to be. Facilitated by the Clean Energy Ministerial CCUS Initiative, several finance-sector organizations have worked jointly to elaborate “Key Financing Principles for CCUS”. This 90-minute session was designed to discuss key principles for CCUS financing and outline ways to put them into action, especially in Asia.

Objectives of the Session

  1. Discuss why CCUS is so hard to finance today,
  2. Discuss key financing principles for CCUS, as elaborated by finance-sector organisations,
  3. Discuss how to implement such financing principles globally and especially in the Asian context.


Time (Manila) Activities
19:45 - 20:00 p.m. Session opens on Zoom – please log on well in advance of start!
20:00 - 20:10 p.m. Opening and welcome

  • Khalid Abuleif, Saudi Arabia, CEM CCUS Initiative Co-Lead
  • Yongping Zhai, Asian Development Bank
20:10 - 20:30 p.m. Why is CCUS so hard to finance?

  • Natalia Kulichenko-Lotz, World Bank
  • Allan Baker, Société Générale
  • Sue-Ern Tan, Shell
20:30 - 20:40 p.m. Key Financing Principles for CCUS

  • Tony Yuen, Citi
20:40 - 21:25 p.m. Implementing Key Financing Principles for CCUS

  • Yongping Zhai, Asian Development Bank
  • Abyd Karmali, Bank of America Merrill Lynch
  • Sue-Ern Tan, Shell
  • Mahendra Singhi, Dalmia Cement
  • Representative of Indonesia
  • Discussion moderated by CEM CCUS Initiative Leads

21:25 - 21:30 p.m. Wrap-up and next steps

  • CEM CCUS Initiative Leads


About the Organizers

Clean Energy Ministerial (CEM):
Created in 2010, the Clean Energy Ministerial (CEM) is a global forum where major economies and forward leaning countries work together to share best practices and promote policies and programs that encourage and facilitate the transition to a global clean energy economy. CEM members account for approximately 75% of global greenhouse gas emissions and 90% of global clean energy investments.

The Carbon Capture, Utilisation and Storage Initiative is one of over twenty work streams ensuring year-round work of the CEM. The eleven Member Countries of the CCUS Initiative are leaders in CCUS and have joined together to create a sustained platform for governments, the private sector and the investment community to engage and accelerate CCUS deployment. The Initiative works to facilitate investment opportunities and to disseminate emerging CCUS policy, regulatory and investment best practices and novel ideas.

In 2020, the Initiative created the “Finance Sector Lead Group for CCUS”, with the idea of providing a platform for the finance sector to discuss how to improve the investment case for CCUS.

CEM CCUS Initiative Members:

Asian Development Bank (ADB):
The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. ADB is composed of 68 members, 49 of which are from the Asia and Pacific region.

Point of Contact:

Mr. Juho Lipponen, Co-ordinator,
Clean Energy Ministerial CCUS Initiative
Email: juho.k.lipponen@outlook.com