1. Asia- Pacific CCUS Current Market Statuses
As of now, the Asia-Pacific region accounts for almost 20% of the global commercial CO2 capture capacity. Between 2022 and 2023, new CCUS projects in Asia Pacific are expected to grow by approximately 100%. South Korea and Japan are primarily focused on cross-border exports of carbon dioxide, while Indonesia and Malaysia are mainly focused on developing carbon storage centers. Australia is attracting cross-border opportunities from Japan, South Korea, and other countries. In the Asia Pacific region, CCUS projects are primarily led by energy and oil and gas companies. The short-term goals of CCUS in this region are focused on LNG and blue hydrogen, with the main objective being permanent storage. By 2030, the majority of carbon capture capacity will be allocated to power stations.

2. Unpacking Early-Stage Risks in APAC’s CCUS Landscape
Currently, 70% of CCUS projects in APAC are in their early stages, with the main risk being deferral in feasibility. This includes delays in project development, permit approval or acquisition, inability to obtain sufficient funding, and other social reasons. It is important to note that Australia's CCUS program is primarily used for storage, so it is crucial to maintain a good balance between license supply and demand.

3. Strategic Approaches to Unlock the Potential of Cross-Border CCS Cooperation in the Asia-Pacific Region
The Asia-Pacific region is dominated by cross-border CCS cooperation projects. To unlock their full potential, it is crucial to view CCS as a service that can create business opportunities. For instance, Norway's Northern Lights project offers a valuable business model for learning. The development of cross-border transportation and storage requires clear policies and regulations, quantified safety standards for transportation and storage, and mature storage infrastructure.

4. Australia's policy framework to promote emission reduction and its impact on CCUS
The Safeguard Mechanism, which will be reformed in 2023, applies to industrial facilities emitting more than 100,000 tonnes of CO2 per year. These facilities are required to reduce their net emissions annually from 1 July 2030. New facilities, including gas fields, are expected to achieve net zero emissions from the start of operation. It is expected that Liquefied Natural Gas (LNG) will adopt CCUS and accrue benefits. In 2022, 42.7 percent of Japan's LNG will be released in Australia. Japan and South Korea are requesting flexible measures. Compliance safeguards and CCS have limited financial mechanisms.

5. Japan's policy framework for promoting CCS and carbon recycling
Japan has issued a long-term roadmap that sets short-term goals for CCS. Last year, JOGMEC selected seven projects for feasibility studies, covering a wide range of industries, including power, oil refining, steel, chemicals, cement, and pulp and paper. Recently, Japan passed a bill for carbon dioxide storage operations, which will be subject to approval by the Minister of Economy, Trade, and Industry. The Carbon Recycling Roadmap for NEDO utilizes the Green Innovation Fund to support carbon recycling technologies in five areas. Additionally, Japan has established a research center to study and develop the production of captured carbon dioxide.

7. UK Government policy framework to support CCS development
The importance of CCUS policy was shared, highlighting the need to achieve the net zero emissions target by 2050. The key role of CCUS in the power sector and the UK's ambitions and targets for hydrogen production and industrial carbon capture were mentioned. It will highlight the UK's Clean Energy Ministerial meetings with Southeast Asian countries, Australia and international collaborations to promote CCS research and challenges such as the Cave Challenge. An emphasis on sustainability, focusing not only on carbon capture but also on a full understanding of the environmental and social impacts. The UK is ensuring the sustainability of CCS projects through a strong regulatory framework that emphasizes the importance of community engagement and balancing environmental protection.