Many countries have recently increased their green and low-carbon policies

In the context of the world's major economies transitioning to a low-carbon economy, many countries have recently announced or increased green and low-carbon policies, aiming to reshape the industrial development pattern and expand investment directions.

Canada has signed the country’s first agreement to support future carbon prices, a move that will help bring price certainty to companies looking to invest in carbon capture and storage projects.

The British government has published a policy outline called the "Carbon Capture, Utilization and Storage (CCUS) Vision" to encourage British companies to compete to build carbon capture and storage facilities and sell their services to the world. According to a communiqué issued by the British government, the policy aims to store 200,000 tons to 30 million tons of carbon dioxide per year by 2030, provide 50,000 jobs by 2030, and stimulate investment of up to 20 billion pounds.

The United States uses the Internal Revenue Code to increase tax credits for carbon dioxide storage. The "Inflation Reduction Act" announced in 2022 further strengthens tax credits, provides high subsidies for direct air capture (DAC) projects, extends the project application period, lowers project entry barriers, and accelerates carbon capture. Deployment of collection, utilization and storage projects in the United States.

The Energy Transition Outlook released by Wood Mackenzie states that 2023 is a landmark year for CCUS. National government policies play an important role in the economics of CCUS projects. The report states that there will be a series of mergers and acquisitions in the CCUS field in 2023, and industry leaders will continue to seek first-mover advantages.