Carbon capture and storage (CCS) is seen as a key player in the global energy transition, projected to meet demands in various hard-to-abate sectors like power, hydrogen, iron and steel, cement, and refining. The need for significant emissions reduction is evident, with between 15 to 20 percent of current emissions needing to be captured globally by 2050 to achieve net-zero targets. Despite a relatively small current CCS market capacity, there is optimism for growth driven by new projects in Europe and North America. Southeast Asia, with its abundant emissions, presents a substantial opportunity for CCS development. McKinsey analysis points to the region potentially creating revenue of $5-10 billion annually by capturing a percentage of its emissions, with countries like Malaysia, Indonesia, and Thailand showing interest in becoming CCS hubs. However, challenges like high development costs, lack of technology breakthroughs, and immature regulatory frameworks slow down CCS adoption in the region. The cost of CCS in Southeast Asia is estimated to be around $60-120 per ton of carbon dioxide stored, posing a barrier to wider adoption. Southeast Asia is also in the nascent stages of developing carbon pricing and regulatory support for CCS projects. While the region has proximity to potential CCS sinks, the need for optimization and cost reduction is crucial for the successful implementation of CCS. Decarbonization efforts in Southeast Asia are pushing for emission reduction targets, making decarbonization levers like CCS increasingly important in the region's climate action plans.