CCS Projects: How Regulatory Framework Influences Their Deployment

Abstract

Preventing the effects of climate change is one of the most pressing challenges of this century. Carbon capture and storage (CCS) technology takes up a promising position in the achievement of a low-carbon future. Currently, CCS projects are implemented not only for CO2 storage but also for its usage in industries, in conformity with the principles of a circular economy. To date, a number of countries have accumulated experience in launching and implementing CCS projects. At the same time, the peculiarities and pace of technology development around the world remain different. This paper attempts to identify key factors that, first, generally affect CCS projects deployment, and second, create favorable conditions for CCS technologies development. Based on an extensive literature review and the experience of different countries, classification and interpretation of these factors are offered, justifying their impact on CCS projects. As a result of this paper, the authors present an assessment of the maturity of policy incentives and regulations in the field of CCS for different countries with revealed dependence between the level and effectiveness of CCS projects’ implementation, confirming the adequacy of the offered approaches and identifying measures that ensure success in CCS. The methodology of this study includes case studies, a modified PEST analysis, system-oriented analysis, the checklist method, and regression analyses.