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The IPCC’s (Intergovernmental Panel on Climate Change) special report highlights the urgent necessity of limiting global warming to 1.5 °C, prompting a vital exploration of decarbonization methods. Carbon capture and sequestration (CCS) play a pivotal role in reducing carbon dioxide emissions from industrial processes and power generation, helping to combat climate change and meet global decarbonization goals. This article focuses on the economic prospects and market potential of carbon capture technologies in India, specifically in utilizing captured CO2 in the power, petrochemicals, and fertilizer sectors. It also emphasizes decarbonization through carbon sequestration involving geological storage to extract carbon dioxide from the environment, ultimately reducing greenhouse gas emissions. This article stresses the need to develop new technologies for carbon capture, utilization, and sequestration to overcome technical and financial barriers. It highlights the importance of improving efficiency, reducing costs, and scaling up these technologies for widespread adoption. Additionally, this study delves into the essential policy and regulatory frameworks for CCUS implementation, emphasizing the need for standards and laws to ensure safety, environmental protection, and effective monitoring in the Indian context. The research findings and recommendations provide valuable insights for future CCUS implementation, advancing sustainable decarbonization efforts in India and globally.
Gupta et al. (Tue,) studied this question.