Green transition and decarbonization projects: Are we doing enough?

Carbon Capture Utilization and Storage (CCUS) technologies are critical for achieving decarbonization and carbon neutrality, yet implementing effective projects remains complex and costly, highlighting the need for targeted public policies. Using data from the IEA’s CCUS projects database, this study examines the evolution and implementation of CCUS projects from 1990 to 2023. Our findings indicate a surge in CCUS initiatives in Western nations, particularly in oil & gas, agrochemicals, and materials sectors. When we analyse policy frameworks in the EU and North America, we find that their different agendas and financing plans affect different project development in these regions. Focusing on corporate strategies, we observe that even the largest companies collaborate within project hubs and joint ventures, leveraging combined expertise and competences to meet public demand and support. We find that the probability of implementing these projects and their carbon capture capacity vary by organizational structure, location, and scope of the value chain. Finally, our preliminary assessment of CCUS projects’ potential to reduce GHG emissions by 2030 suggests that the current number and scale of projects fall short of climate targets, highlighting the need for stronger public support and more efficient capture technologies.