China - CCUS Incentives

Legislation/Regulation: Multiple policy documents including the Carbon Emissions Reduction Facility (CERF) and sectoral policies
Date: Ongoing, with notable updates in 2022 and 2023
Summary: China has launched numerous initiatives and policies to support CCUS, including financial mechanisms such as low-cost loans through the People's Bank of China’s CERF. These policies are aimed at facilitating the development of CCUS projects, which include large-scale demonstration projects and international collaborations. The policies emphasize decarbonization in key sectors such as petrochemicals, coal power, and natural gas.
Link: Global CCS Institute

China has been active in promoting CCUS as part of its broader climate strategy to peak carbon emissions before 2030 and achieve carbon neutrality by 2060. The country has seen significant growth in CCUS demonstration projects, with around 100 projects of varying scales. Major projects include the first integrated megaton-scale CCUS project by Sinopec and the first offshore CO2 storage project by CNOOC (CGEP) (Global CCS Institute).