Current State of Carbon Capture, Utilization, and Storage Technologies

Abstract

Addressing climate change requires significant efforts toward decarbonization. This review provides a comprehensive technical, economic, and policy assessment of 239 carbon capture, utilization, and storage (CCUS) technologies. Categorizing pathways by application and physicochemical processes, we evaluate technological maturity using Technology Readiness Levels and economic viability via capture costs and the impact of capture on product price. Findings indicate that CCUS technologies are heterogeneous; most currently remain immature and face prohibitive costs, trapping private capital in a wait-and-see dynamic driven by severe risk premiums and externalities. To overcome these market failures, we advocate for a hybrid public-private framework: utilizing early-stage public funding to derisk development and catalyze learning-by-doing, subsequently transitioning to robust carbon pricing mechanisms. Furthermore, we highlight the critical role of international coordination in resolving systemic challenges associated with global externalities, spatial heterogeneity, and the fragmentation of markets, supply chains, and regulatory regimes.