This thesis examines the growth of Carbon Capture, Utilization, and Storage (CCUS) technology in public policies addressing global warming through a critical political economy lens, particularly with regards to the pivotal role of the state in its deployment. The study shows that CCUS has technical origins in the Oil and Gas (O&G) industry, which helps explain the continued dominance of O&G majors in the field. O&G firms are leveraging Storage as a Service within part-chain business models, raising concerns about taxpayer funding potentially boosting O&G profits rather than fostering genuine carbon reduction. This highlights the need for robust oversight to ensure public investments achieve environmental goals. The study explores why industrial firms favour CCUS over other emission reduction methods, finding that CCUS minimizes sunk costs and stranded assets.

The state's role is analysed using Gabor’s Derisking State and Mazzucato’s Entrepreneurial State frameworks, emphasizing the necessity of state intervention due to private reluctance to invest. Empirically examining CCUS deployment in Europe, particularly France, via the EU SETIS database reveals a resurgence driven by public investment. This, combined with increased coordination efforts by public institutions, indicates a possible shift towards an entrepreneurial state model. The research concludes that CCUS's growing importance in the climate crisis involves complex interactions between numerous actors with diverging interests, at the centre of which state institutions and corporate interests intersect. Further investigation is recommended to explore corporate influence on decarbonization policies and the potential for more inclusive environmental strategies.