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April 2022

Welcome to the April 2022 edition of the Clean Energy Ministerial CCUS Initiative newsletter.
The United States will host the 13th Clean Energy Ministerial meeting in Pittsburgh in September, and preparations for this meeting are starting to speed up. Collaborative clean energy action, including also in carbon capture, will be at center-stage in Pittsburgh as countries and key stakeholders come together to work out practical plans to accelerate clean energy deployment across all technologies and sectors.  
Countries under the CEM CCUS Initiative have continued their efforts to accelerate the deployment of CCUS. Many have continued to enact and implement incentive policies and have launched new ambitious programmes and targets. See below a short summary of recent developments in Canada.
We thank you for your interest in our work and invite you to get in touch if you are interested in knowing more about our activity. Our contact details are at the end of this newsletter.
- your CEM CCUS Initiative team

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The Clean Energy Ministerial and Mission Innovation community gathered in New Delhi, India, on 4-8 April, to prepare for the upcoming ministerial later in the year. Over 200 persons participated in a series of plenary and breakout sessions, rebuilding links and discussing collaboration towards CEM-13 and beyond. India’s Ministry of Power played host to this high-level meeting, with several Indian ministers and high-level government officials present throughout this hybrid event.
All CEM workstreams were present to discuss collaboration. The CCUS Initiative held discussions with the cement sector as well as with multilateral banks, to plan how the Initiative can help the cement sector accelerate CCUS, as well as to see how multilateral development banks can continue to drive CCUS capacity development and investment.
Pittsburgh, Pennsylvania, will be the centre of gravity for the global clean energy community, as the 13th Clean Energy Ministerial meeting takes place on 22-23 September 2022. Previously known as the “Steel city”, Pittsburgh has recently transformed from a heavy industry centre into a vibrant hub of innovative high-tech firms and start-ups, providing a wonderfully inspiring backdrop for ministerial discussions on the needed energy transformation.


On Thursday 3 March we hosted a webinar on the role that Multilateral Development Banks, or MDBs, can play in driving CCUS, especially in emerging economies.
Developments banks have resources to catalyse CCUS deployment. The World Bank has provided technical assistance in the area of CCS, through its CCS Trust Fund established in 2009. The CCS Trust Fund was created to help establish background conditions for CCS in the bank’s “client countries”. Also the Asian Development has operated a CCS Trust Fund since 2009, providing technical assistance, and feasibility studies for pilot projects. The European Investment Bank currently does not have instruments to provide technical assistance or grants, however the bank is fully prepared to lend money to CCS projects, also outside the EU.
As highlighted in a short summary of the event, the single biggest news at the webinar was the fact that both WB and ADB CCS Trust Funds are soon closing. The ADB trust fund will come to its end by end-2022, and the World Bank fund closes in December 2023. While it is clear that the trust funds are nowhere near large enough to carry any industrial-level investment, they are nevertheless of vital importance to continue to prepare emerging economies to implement CCUS. The CEM CCUS Initiative and its individual member countries will pursue discussions with the banks regarding any replenishment of the funds.


On 29 March, the Government of Canada published  its 2030 Emissions Reduction Plan (ERP), which sees carbon capture, utilization, and storage as an important technology to mitigate greenhouse gas emissions. The Plan outlines the economy-wide applications of CCUS in various sectors, on Canada’s path to reach its emissions reduction targets.
In addition, on 7 April Canada’s Budget 2022 was released. It outlines the final design details of a CCUS Investment Tax Credit for businesses that incur eligible CCUS expenses starting this year, available to CCUS projects to the extent that they permanently store the captured CO2. Eligible projects must employ dedicated geological storage, or storage of CO2 in concrete; enhanced oil recovery is not included. From 2022 through 2030, the investment tax credit rates would be set at:

  • 60% for investment in equipment to capture CO2 in direct air capture projects,
  • 50% for investment in equipment to capture CO2 in all other CCUS projects and
  • 37.5% for investment in equipment for transportation, storage and use.

To encourage the industry to move quickly to lower emissions, these rates will be reduced by 50% for the period from 2031 through 2040.
Canada's 2021 budget had announced an investment of $319 million over seven years into research, development, and demonstrations to advance the commercial viability of CCUS technologies. Natural Resources Canada (NRCan) is delivering on this commitment by supporting federal labs to undertake critical research and through funding calls. The first funding call seeks to support Front-End Engineering Design studies for large-scale CCUS projects that have the potential to significantly mitigate emissions, and is expected to select successful projects this spring. NRCan will continue to deliver on this funding in the coming years, targeting priority areas that have been identified through ongoing science planning and consultations with stakeholders.
On the level of Canadian Provinces, the Government of Alberta is leading a competitive process to allocate subsurface CO2 storage rights to hub operators. On March 31, Alberta announced that six successful CO2 storage hub proponents will receive authorization to evaluate their geological zones for suitability for CO2 storage.
Canada is a founding member of the CEM CCUS Initiative and a long-time leader in carbon capture, utilization, and storage.


In case you wonder what the CEM CCUS Initiative does….: we are essentially a platform for governments, industry and the financial sector to come together to accelerate CCUS and advance various investment opportunities. We make sure that carbon capture is duly considered in the ministerial discussions on clean energy transition, bring together policy-makers, investors and the financial community, foster investment opportunities and strategic hubs, and share knowledge and best practice. Our thirteen full Members include leading CCUS countries across the world.
If you are interested in our work and would like to learn more, please get in touch with us:


The CEM CCUS Initiative convenes the “Finance Sector Lead Group for CCUS”, an informal group of finance-sector organisations interested in CCUS opportunities. The group is open for all types of financial organisations: development banks, commercial banks, asset managers, institutional investors, insurance companies etc.: any financial organisation interested in CCUS as part of a clean energy and climate investment portfolio. We gather 3-4 times a year to discuss topical issues on carbon capture, such as policy developments, ESG issues, or particular country developments. Our meetings and events provide active links between banks, industry and governments, to discuss potential investment opportunities. The group issued the Key Financing Principles for CCUS ahead of CEM-11 in 2020.
If you are from a finance sector organisation and are interested, please contact us at

All CEM CCUS Initiative webinar recordings can be accessed through the Clean Energy Solutions Centre website and YouTube channel. The webinar slide materials are available on the CCUS section of the Clean Energy Ministerial website.

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June 2022


The CEM CCUS Initiative was established at the 9th Clean Energy Ministerial meeting in Copenhagen/Malmo in May 2018. Our objective is to accelerate CCUS together by:
  • Ensuring that CCUS is considered under the Clean Energy Ministerial work,
  • Providing a platform for governments, industry and the finance sector to collaborate,
  • Fostering strategic investment opportunities and
  • Sharing knowledge and experience on policy, regulation and CCUS investment in general. 
We have thirteen Member Countries: Australia, Canada, China, Japan, Mexico, Netherlands, Norway, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom and United States. The European Commission is an Observer. We also nurture active working links with other key organisations such as the IEA and others.
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