carbon capture C arbon capture, utilisation and storage (CCUS) will ramp up strongly over the next decade, but development in some regions is hampered by a lack of policy, regulatory frameworks and funding, according to a recent report from Wood Mackenzie. By 2034, global carbon capture capacity will reach 440 Mtpa and storage capacity will reach 664 Mtpa, requiring US$196bn in total investment, according to the report “CCUS: 10-year market forecast”, with around 70% of the investment forecast to be in North America and Europe. The USA leads in funding, followed by the UK and Canada. “This is a huge ramp-up from where the industry is today. Government funding plays a critical role in driving the first wave of CCUS investments,” said Hetal Gandhi, APAC CCUS lead with Wood Mackenzie. “We see governments offering capex grants, opex subsidies, tax incentives and contracts Image Credit:Adobe Stock Recent reports have highlighted the potential and challenges for scaling up CCUS deployment. Scaling up CCUS DEPLOYMENT 17 ISSUE 5 2024 | oilreviewmiddleeast.com CCUS can play a role in decarbonising hard-to- abate sectors.