In this paper, we review and analyze the salient features of the
ongoing energy transition from a high to a low carbon economy. Our
analysis shows that this transition will require decarbonizing the
power, transport, and industry sectors, and the transition pathway
will be country-specific. Carbon capture and storage (CCS) technologies
will play a major role in this energy transition by decarbonizing
existing and new fossil fuel power plants and the production of low-carbon
fossil-fuel-based blue hydrogen. Blue hydrogen can be used for hydrogen
fuel cell mobility in the transport sector and heat and feedstock
in the industry sector. Current estimates show that there is adequate
CO2 storage capacity in the world’s saline aquifers
and oil and gas reservoirs to store 2 centuries of anthropogenic CO2 emission. However, the slow pace of CCS implementation is
concerning and is due, in part, to too low of an oil price to make
CO2-enhanced oil recovery profitable, lack of financial
incentives for CO2 geological storage, low public acceptance,
lack of consistent government energy policy and CCS regulations, and
high capital investment. We propose several ways to accelerate CCS
implementation. Among others, they include establishing regional CCS
corridors to make use of economy of scale, public CCS engagement,
carbon pricing, and using public–private partnership for financing,
technology transfer, and linking up different stakeholders.