Carbon capture and storage (CCS), once dismissed as too complex and expensive, is gaining momentum despite controversy. Global commercial plants jumped to 77 last year, up from 50 in 2024, with significant growth outside traditional strongholds. Norway pioneered the first industrial-scale CCS plant for cement, marking a milestone for the technology.

Financial backing is expanding beyond governments. HSBC arranged what appears to be the first corporate bond dedicated to CCS, raising €50 million for the Port of Rotterdam project. Google announced its first CCS deal after agreeing to buy power from a gas plant with carbon capture in Illinois, suggesting AI data centers may drive future demand.

Despite progress, obstacles remain. Regulatory hurdles have delayed UK projects, with at least 27 canceled or mothballed since 2023. Analysts estimate only 37% of announced gas power CCS projects may be operational by 2030 due to insufficient storage sites. The technology inches closer but hasn't reached its full potential.