Service sector spending on carbon capture and storage (CCS) projects is poised to quadruple globally from 2022-2025, driven by favorable policies and investor support, according to new analysis from Rystad Energy.

Cumulative spending over the three-year period is forecast to exceed $50 billion, the Oslo-based consultancy said, with North America and Europe accounting for the bulk.

Total spending for announced commercial projects is seen totaling $4.4 billion in 2022, up from $2.8 billion last year, researchers said.

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Spending is forecast to total $11 billion in 2023, $18 billion in...