Summary and key takeaways
The event brought together policymakers, industry leaders, and both public and private sector investors to facilitate in-depth discussions on global CCUS strategies, innovative policy frameworks, financial incentives, supply chain development, innovation, technology, and international collaboration. We have summarised the key takeaways:
The UK’s leadership ambition in CCUS: The United Kingdom (UK) is striving to establish itself as a European leader in CCUS, building on its own existing advancements in the sector. The UK is not only focused on reducing its carbon emissions but also on setting an example for other European nations to follow. The UK’s commitment to becoming a leader in CCUS is evident through its investment in innovative technologies, the development of key infrastructure, and the creation of supportive policies aimed at accelerating CCUS deployment. By positioning itself at the forefront, the UK aims to influence wider European and global efforts in carbon management, driving collective progress toward net-zero emissions.
Need for clarified European regulations and business models: While there is significant momentum behind CCUS projects in Europe, for projects to advance swiftly and for Final Investment Decisions (FID) to be made confidently, European regulatory frameworks must be clearly defined. Additionally, business models need to be established to provide financial incentives and reduce the risks associated with CCUS investments. Without these clarifications, the pace of development could be hampered, delaying the critical deployment of CCUS technologies that are necessary to meet climate goals.
Increased cooperation among European countries: In recent years, there has been an unprecedented level of cooperation between European countries when it comes to CCUS. This collaboration is clear to see by the signing of multiple partnership agreements that span across borders, facilitating the sharing of knowledge, resources, and infrastructure. Through these partnerships, countries are pooling their expertise and capabilities to accelerate the development and deployment of CCUS technologies. This collaborative approach not only strengthens individual national strategies but also enhances Europe’s overall capacity to address carbon emissions, paving the way for more integrated and efficient CCUS solutions.
Diverse approaches to carbon storage: The global challenge of carbon storage cannot be met with a singular solution. Both offshore and onshore storage solutions will be necessary, each suited to specific environmental and economic conditions. Offshore storage, often in depleted oil and gas reservoirs or deep saline aquifers, offers significant capacity and is particularly relevant for countries with extensive coastlines. Onshore storage, on the other hand, is more suitable in regions where geological formations are accessible and stable. Additionally, the transportation of captured carbon dioxide (CO2) will require a combination of pipeline networks and shipping routes, depending on the proximity of storage sites to CO2 sources. These varied methods ensure that carbon storage can be effectively implemented worldwide.
We look forward to continuing these conversations and driving progress in the industry.
