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This chapter investigates the trends in international and European legal and policy regulation of the process related to carbon capture and storage (CCS). The global endeavor that seeks to limit carbon dioxide emissions has come to recognize CCS as an indispensable ally. This chapter offers an up-to-date and comprehensive commentary to the relatively new and developing area of international regulation of the process of CCS, a dimension that might yield significant effects on the environment and, overall, sustainable development. It reveals a constantly growing trend of an enhanced awareness about the indispensable role and effects of the CCS on wider climate aspirations and, to that effect, also a need for a stable and effective international regulatory framework. The key barriers that are preventing the wider implementation of CCS projects, however, relate primarily to two extra-regulatory processes, which is the policy uncertainty at national levels and financial shortcomings. This background presents a window of opportunity for entrepreneurship and policy invention.

This chapter examines the UK and the Nigerian approach to reducing emission of greenhouse gases (GHGs) into the environment as a result of gas flaring utilising the market-based regulation. Determining how different jurisdictions fare in the quest to reduce GHG emissions associated with the oil and gas industry is essential because: policy makers have realised the advantages of market-based regulation over the command-and-control regulation; and in the light of various pledges different countries have made in different forum to reduce the emission of GHGs, particularly in the wake of the recently held Paris climate change conference.

Library-based approach is used, providing conceptual and theoretical understanding of climate change, GHG emissions and various market-based regulatory tools utilised in the United Kingdom and Nigeria in regulating emission associated with operations in the oil and gas industry.

The study reveals the significance of environmental regulations that encourage region integration and flexibility in the implementation of environmental policies. Moreover, it finds that the Paris Agreement re-affirms the utilisation of market-based regulations and indicates a future for investment in the oil and gas industry.

The study revealed that there are lacunas in regulations and strategies for the implementation of environmental regulations which need to be addressed in order to achieve zero or a significant decrease in gas flaring.

This study provided an ample opportunity to theoretically examine market-based regulatory tools utilised in the oil and gas industry in a developed country in relation to a developing country.