Carbon Capture and Sequestration (CCS) is a key technology that holds the potential to contribute to a sustainable future. As per the name, CCS is a process of capturing CO2 from stationary sources of carbon emissions and permanently storing it, before it is released into the atmosphere or capturing atmospheric CO2, either directly from air (hereafter referred to as direct air capture, DAC) or from a point source (like a large fossil fuel-powered thermal power plant) and then, injecting it in the subsurface for storage. So, CCS technologies may contribute as an important tool to meet climate objectives in a variety of ways and become a key alternative for the decarbonization of the world's industrial industries. However, the wider use of CCS is inhibited by costs associated with CCS.
The question of who is responsible for using up the carbon budget is crucial in the context of climate justice debates. The historical carbon footprint provides a clear depiction of the responsibility for dealing with climate change to date and addresses the countries responsible for providing a just climate transition for developing countries. Historical concentration of industry and wealth in developed countries means that they are responsible for majority the emissions over the past decades. The global south has also been facing the generational issue of proper financial resources and their structuring; in the climate aspect, given the global south’s rising distress, the climate financial gap is already enlarged. With established renewable energy markets to attract diverse investment opportunities, the technological advancements and economies of scale have led to declining costs of renewable energy sources; additionally, feed-in tariffs, tax incentives, and other policies have also encouraged renewable energy adoption, pushing for comparatively much easier adoption of CCS than that of the developing countries which are additionally burdened with weak debt structuring and the international obligations of the 2050 goal to reach net zero.
This paper intends to evaluate the feasibility of developing countries adopting CCS projects, identifying CCS as an alternative to decarbonization, exploring the commercialization of CCS projects, the international financial instrument’s inclination towards the funding of sustainable and green projects, and the need for private investment. Addressing the unequal placement of the global south and north, the paper also intends to look at the contingent issues the global south is facing in establishing CCS facilities, mainly in the debt structuring of the states, the financial foundation required, and how the global north has addressed the issue of climate finance funding for the developing countries and how they might support the developing countries in this regard.
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