Carbon Capture and Storage (CCS) is a large scale solution to climate change, consider to have significant potential on curbing CO2 emissions. Fossil fuels will continue to be our main energy source for decades to come, and CCS can contribute with as much as 55% of the emissions reductions needed to stabilize climate change at an average of +20C. CCS is, however, suffering from a lack of maturity in terms of frame conditions, technology, economy, infrastructure and common acceptance criteria. A key factor is development and implementation of a regulatory framework that allows a market and business to emerge, depending on financial incentives through GHG mitigation policies and mechanisms. The framework for CO2 storage should require an integrated risk management throughout the life cycle of a CCS project, i.e. from initial site selection, design and construction, operation including monitoring, reporting and verification, up to closure and post-closure requirements. An important aspect is also to address the legal and economical responsibilities and liabilities, and how these are distributed between the involved parties. An increasing number of demonstration projects is seen as a tool for development of technology at competitive cost and to acceptable HSE standards. Demonstration projects may also assist in establishment of reasonable and cost efficient criteria, and increased public acceptance. The uncertainties and risks involved in CCS are ranging from societal, to commercial and technical issues. Understanding and managing risk is a prerequisite for decisions, and the decision basis and risk picture need to be transparent and well understood by all stakeholders. The paper will address these uncertainties and risks more in depth, and highlight how common acceptance criteria and qualification methods can assist in clarifying the decision basis and shortening the time span from policy making to industry implementation.

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