Carbon, Capture, Utilization and Storage (CCUS) is a mature, complex suite of technologies that have yet to achieve commercial viability at scale. Challenges include the lack of enabling environment, the complexity of the technologies and use cases, and environmental-social-governance (ESG) related issues. The result has been that CCUS in practice has not matched the climate abatement contributions that were projected for it a couple of decades back. However, most climate experts contend that the world will not be able to achieve its emission reductions efforts unless CCUS is widely deployed, particularly in energy-intensive industries. If this critical technology is not successfully scaled up, even if all else is achieved, the world will overshoot the carbon budget threshold to contain global warming to 1.5 degrees Celsius. The good news is that other carbon removal solutions are emerging. What are the latest developments in financing of carbon removal technologies? What is the role of governments and private sector to stimulate investment in alternative carbon solutions? How critical will carbon pricing be?

This session will shed light on the industrial front runners of carbon removal practices and financing in different regions. By attending this session, participants will gain insights into the diverse approaches and best practices for deploying carbon capture, utilization, and storage (CCUS) in Australia, Europe, and Asia, and the potential for collaboration and learning across borders. The Global CCS Institute will give an overview of the global status and trends of CCUS, highlighting the opportunities and risks for scaling up the technology. The Indian Institute of Technology Bombay will discuss India's energy transition and the potential for CCUS expansion in the industrial sector together with the ADB’s support. DNV will share its experience with the Northern Lights initiative, a cross-border CCUS project in the EU that involves transporting and storing CO2 offshore in Norway. The Japan Organization for Metals and Energy Security (JOGMEC) will present its guidance on CCS credit, a mechanism to enhance the financial viability of cross-border CCUS projects and the regulatory hurdles in Southeast Asia. Mitsui O.S.K. Lines will offer a maritime perspective on cross-border CCUS operations, shedding light on the future trade patterns of CO2 and the associated challenges.