As industries worldwide focus on decarbonization efforts, HtA industries in Iberia, including cement, steel, and chemicals, face significant challenges in reducing their CO2 emissions. The EU Emissions Trading System (EU ETS) pricing for CO2 emissions is expected to rise, impacting production costs in these sectors by 2030. To address this, Spain has set ambitious decarbonization targets through its PNIEC 2023–2030, aiming to reduce industrial CO2 emissions by 25%. Key strategies for achieving this goal include CCUS, green hydrogen, and energy efficiency. While these levers can lead to a reduction of 10 to 13 Mtpa CO2 by 2030, Spain may still fall short of its targets, incurring substantial CO2 emission costs. Embracing CCUS technology could offer a cost-effective solution, potentially aligning with EU ETS allowances by 2030 and aiding in bridging the emissions gap. Spain has the opportunity to catch up with its European counterparts in CCUS adoption, with insights from McKinsey research highlighting the importance of carbon capture and storage innovations in the decarbonization journey.