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- Jane Norman
Although the oil and gas industry has been involved in carbon capture, utilization, and storage (CCUS) development for over 50 years, only a handful of large-scale projects have been deployed. Hub CCUS has emerged as a promising pathway to accelerate deployment and enable the oil and gas industry to transition toward a low-carbon energy future. What is driving this new development approach? How are stakeholders adapting to support hub deployment? How will the commercial landscape evolve to reap the value of CCUS hubs?
Scaling up CCUS to play a material role in the fight against climate means it needs to go global. Its footprint will then touch multiple geographies, with different government policy regimes, industrial settings, and operating and financing partners. What does it take to leverage the experiences to date in implementing CCUS to expand into new countries and what is the number one challenge? What is the relative importance of CO2 sources, CO2 storage, policy support, demand for decarbonization, cost effective technology, carbon price, and commercial models to enable the globalization of CCUS deployment? Commercially, what will it take to drive CCUS deployment—financing, especially in developing countries, policy support, carbon prices, and mechanisms?