A couple of decades ago I wrote a finite difference simulator for CCS as enhanced recovery for coalbed methane. The process was financially viable in Canada due to carbon credit incentives linked to the Kyoto protocol and the relatively high price of natural gas at the time. Of course the U.S. never participated and, for a variety of reasons, the price of natural gas plummeted.
There is a CCS capable coal seam within 50 km of every coal and natural gas power plant in N. America, so in the minority of cases where falling LCOE of renewables doesn't outcompete existing generation naturally it might make sense to incentivise CCS, provided that the produced natural gas would further enable renewables.
The net carbon impact could be even more significant in China.
CO2 binds with coal 3:1 vs methane, so you can pump carbon dioxide down an injection well and produce more natural gas from a nearby well than you otherwise would.
There is a CCS capable coal seam within 50 km of every coal and natural gas power plant in N. America, so in the minority of cases where falling LCOE of renewables doesn't outcompete existing generation naturally it might make sense to incentivise CCS, provided that the produced natural gas would further enable renewables.
The net carbon impact could be even more significant in China.