Policy Incentives of CCUS development under China ' s Carbon Neutrality Goal


The Chinese government has consistently emphasized the importance of addressing climate change and actively engages in global governance. In September 2020, during the 75th session of the United Nations General Assembly, China pledged to reach the peak of its carbon emissions before 2030 and accomplish carbon neutrality no later than 2060. The commitment was swiftly followed by the launch of the "1+N" climate policy system. It explicitly highlights that carbon capture, utilization, and storage (CCUS) will play a pivotal role in promoting green low-carbon transition and is an part of China's decarbonization technologies[1]. The results of several institutions indicate that by 2060, China's annual demand for carbon capture could be approximately 1.0~2.5 billion tons of CO2 [2,3,4]. A study conducted by the Administrative Center for China's Agenda 21 projects that the reduction of carbon dioxide emissions achieved by CCUS technology would be around 100 million tons per year (ranging from 58 to 147 million tons per year) by 2030, and approximately 2.35 billion tons/year (ranging from 21.1 to 2.53 billion tons per year) by 2060 [4].