Drivers and Challenges in Achieving Corporate Carbon Neutrality—Qualitative Investigation of Carbon Capture, Utilization, and Storage Technologies

ABSTRACT The importance of attaining carbon neutrality (CN) has progressively increased in addressing climate change, and consequently, carbon capture, utilization, and storage (CCUS) has emerged as a promising tool in this pursuit. Nevertheless, a dearth of scholarly discourse exists about the factors that drive the implementation of CCUS in the context of corporate CN and the challenges that inhibit the adoption of CCUS for CN. This study aims to bridge this knowledge gap by analyzing open‐ended essays to gain cardinal insights into the experiences and perspectives of companies successfully implementing CCUS for CN. The collected (qualitative) data underwent rigorous analysis to synthesize three distinct dimensions encompassing various aspects of CCUS to achieve CN. The study identifies multiple CCUS components employed to manage carbon emissions effectively. It underscores the five drivers accelerating the adoption of CCUS and classifies them as intrinsic or extrinsic drivers. Various challenges impeding the successful adoption of CCUS have been pinpointed as emanating from financial, human resource, operational, technological, and strategic challenges; technology development and infrastructural challenges, environmental impacts; and social and regulatory challenges. Our research renders valuable theoretical and practical insights based on the prevalent discourse regarding the implementation of CCUS in the field of CN with a comprehensive and inclusive approach.