for differences for CCUS. Nearly US$80bn is directly committed to CCUS across five key countries.” Shortfall in supply forecast Despite the forecasted increase in projects, Wood Mackenzie forecasts a shortfall in supply. Industries will need up to 640 Mtpa of carbon capture capacity by 2034 as they look to decarbonise, but the projects expected to come into operation fall around 200 Mtpa short of that. “Of the projects already announced and expected to go ahead in the development pipeline, 71% are in North America and Europe,” said Gandhi. “Government incentives are moving projects towards final investment decision (FID). We also expect a further boost to European projects due to the recently announced EU Industrial Carbon Management Strategy.” In APAC, while regulatory momentum is strong in Australia, Japan, South Korea and Indonesia, government incentives are needed to accelerate CCUS development. In contrast, development in China, India, Latin America, the Middle East and Africa is limited by a lack of firm policy, regulatory frameworks and funding support. Cross-border transport of CO 2 and liability risk remain key areas to watch out in the medium term, says Wood Mackenzie. MENA perspective Meanwhile, a report from the International Energy Forum (IEF) on “CCUS Regulatory and Policy Landscape: A Global and MENA Perspective” also finds that there is a wide divergence of CCUS regulatory maturity between countries. By deploying CCUS, MENA countries can reduce their emissions. carbon capture Image Credit: Adobe Stock 18 ISSUE 5 2024 | oilreviewmiddleeast.com “Many MENA countries have a well-established track record.”