Defossilizing Industry Scaling-up CCU 2025

Endnotes 1 Sapart, C., (Forthcoming). No climate neutrality without creating a circular carbon economy. OpenScience Engineering and Systems. https://www.openscience.fr/IMG/pdf/4.sapart-decarbon.pdf. 2 Intergovernmental Panel on Climate Change (IPCC). (2023). IPCC Sixth Assessment Report – Working Group III: Mitigation of Climate Change. Annex I, p. 1796. https://www.ipcc.ch/report/ar6/wg3/downloads/report/IPCC_AR6_ WGIII_Annex-I.pdf. 3 Sources: –Mertens, J., Breyer, C., Arning, K., Bardow, A., Belmans, R., Dibenedetto, A., Erkman, S., Gripekoven, J., Léonard, g., Nizou, S., Pant, D., Reis-Machado, R., Styring, P ., Vente, J., Webber, M., Sapart, C. (2023). Carbon capture and utilization: More than hiding CO2 for some time. Joule, Vol. 7, pp. 431-449. https://www.sciencedirect.com/science/ article/pii/S2542435123000363. –Mason, F. C., Stokes, G., Fancy, S., Sick, V. (2023). Implications of the downstream handling of captured CO2. Frontiers in Climate, Vol. 5 – 2023. https://www.frontiersin.org/journals/climate/articles/10.3389/fclim.2023.1286588/ full. –BCG and Oil and Gas Climate Initiative. (2024). Carbon capture and utilization as a decarbonization lever. https:// www.ogci.com/wp-content/uploads/2024/05/CCU-Report-vf.pdf. 4 The Oxford Institute for Energy Studies. (2025). Putting the U in CCUS: Overview of Emerging Pathways in Carbon Utilisation. https://www.oxfordenergy.org/wpcms/wp-content/uploads/2025/04/CM11-Putting-the-U-in-CCUS.pdf. 5 The Oxford Institute for Energy Studies. (2025). Putting the U in CCUS: Overview of Emerging Pathways in Carbon Utilisation. https://www.oxfordenergy.org/wpcms/wp-content/uploads/2025/04/CM11-Putting-the-U-in-CCUS.pdf. 6 The Oxford Institute for Energy Studies. (2025). Putting the U in CCUS: Overview of Emerging Pathways in Carbon Utilisation. https://www.oxfordenergy.org/wpcms/wp-content/uploads/2025/04/CM11-Putting-the-U-in-CCUS.pdf. 7 Mertens, J., Breyer, C., Arning, K., Bardow, A., Belmans, R., Dibenedetto, A., Erkman, S., Gripekoven, J., Léonard, g., Nizou, S., Pant, D., Reis-Machado, R., Styring, P ., Vente, J., Webber, M., Sapart, C. (2023). Carbon capture and utilization: More than hiding CO2 for some time. Joule, Vol. 7, pp. 431-449. https://www.sciencedirect.com/science/ article/pii/S2542435123000363. 8 Mertens, J., Breyer, C., Arning, K., Bardow, A., Belmans, R., Dibenedetto, A., Erkman, S., Gripekoven, J., Léonard, g., Nizou, S., Pant, D., Reis-Machado, R., Styring, P ., Vente, J., Webber, M., Sapart, C. (2023). Carbon capture and utilization: More than hiding CO2 for some time. Joule, Vol. 7, pp. 431-449. https://www.sciencedirect.com/science/ article/pii/S2542435123000363. 9 Mason, F. C., Stokes, G., Fancy, S., Sick, V. (2023). Implications of the downstream handling of captured CO2. Frontiers in Climate, Vol. 5 – 2023. https://www.frontiersin.org/journals/climate/articles/10.3389/fclim.2023.1286588/full. 10 BCG and Oil and Gas Climate Initiative. (2024). Carbon capture and utilization as a decarbonization lever. https://www. ogci.com/wp-content/uploads/2024/05/CCU-Report-vf.pdf. 11 The Oxford Institute for Energy Studies. (2025). Putting the U in CCUS: Overview of Emerging Pathways in Carbon Utilisation. https://www.oxfordenergy.org/wpcms/wp-content/uploads/2025/04/CM11-Putting-the-U-in-CCUS.pdf. 12 BCG and Oil and Gas Climate Initiative. (2024). Carbon capture and utilization as a decarbonization lever. https://www. ogci.com/wp-content/uploads/2024/05/CCU-Report-vf.pdf. 13 Galimova, T., Ram, M., Bogdanov, D., Fasihi, M., Khalili, S., Gulagi, A., Karjunen, H., Mesah, T. N. O., Breyer, C. (2022). Global demand analysis for carbon dioxide as raw material from key industrial sources and direct air capture to produce renewable electricity-based fuels and chemicals. Journal of Cleaner Production, Vol. 373, 133920. https://www. sciencedirect.com/science/article/pii/S0959652622034928. 14 Sick, V., Stokes, G., Mason, F. C. (2022). CO2 Utilization and Market Size Projection for CO2-treated Construction Materials. Frontiers in Climate, Vol. 4, 2022. https://www.frontiersin.org/journals/climate/articles/10.3389/ fclim.2022.878756/full. 15 International Energy Agency. (2019). Putting CO2 to Use: Creating value from emissions. https://iea.blob.core.windows. net/assets/50652405-26db-4c41-82dc-c23657893059/Putting_CO2_to_Use.pdf. 16 International Energy Agency. (2020). Energy Technology Perspectives 2020: Special Report on Carbon Capture Utilisation and Storage - CCUS in clean energy transitions. https://iea.blob.core.windows.net/assets/181b48b4-323f-454d-96fb- 0bb1889d96a9/CCUS_in_clean_energy_transitions.pdf. 17 BCG and Oil and Gas Climate Initiative. (2024). Carbon capture and utilization as a decarbonization lever. https://www. ogci.com/wp-content/uploads/2024/05/CCU-Report-vf.pdf. 18 Wood Mackenize Lens Carbon. (2025). 19 Holcim. (2024). Decarbonizing our operations with CCUS: eCapt-Rhône. https://www.holcim.com/sites/holcim/ files/2024-03/cs_leteil-france.pdf. 20 Holcim. (2023). Decarbonizing our operations with CCUS: CARBON2BUSINESS. https://www.holcim.com/sites/holcim/ files/2023-10/holcim-carbon2business-ccus-project.pdf. Defossilizing Industry: Considerations for Scaling-up Carbon Capture and Utilization Pathways 40