The BNamericas Intelligence Series report highlights Latin America and the Caribbean's significant opportunities for carbon capture, utilization, and storage (CCUS) initiatives. The region showcases ample CO2 storage capacity in saline aquifers and depleted hydrocarbon deposits, particularly in well-studied basins like Neuquén in Argentina, Campos and Santos in Brazil, and Llanos in Colombia. Moreover, decades of hydrocarbon exploration have yielded crucial geological data that can facilitate the identification of optimal storage sites. The report underscores the importance of the biofuels industry in LAC, acting as a crucial component for bioenergy with carbon capture and storage (BECCS) projects. By capturing CO2 during plant growth and storing emissions from bioenergy production, these projects have the potential to achieve net-negative emissions. Additionally, the region's proximity to natural gas reserves positions it favorably for the development of blue hydrogen projects, leveraging carbon capture, utilization, and storage (CCUS) technologies to drive the adoption of low-emission hydrogen fuels. Despite the region's vast potential, several obstacles impede progress in CCUS and blue hydrogen projects. Regulatory gaps, weak incentives, high costs, and a lack of financial subsidies hinder the development of these initiatives. The absence of updated regulatory frameworks, coupled with the financial strain on governments already subsidizing fuel consumption, presents challenges in providing necessary subsidies or tax breaks. Furthermore, inconsistent policies and uncertainties regarding the long-term economic viability of projects deter investors, limiting progress in the sector. To overcome these challenges and unlock the full potential of CCUS and blue hydrogen projects, stakeholders emphasize the need for regulatory clarity, economic incentives, and technological cost reductions. By addressing these barriers, Latin America and the Caribbean can accelerate the transition towards decarbonization and avoid lagging behind in the global effort to combat climate change.