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Carbon neutrality strategies have a significant role in climate mitigation efforts. As global concerns regarding climate change continue to increase, achieving carbon neutrality has emerged as a paramount objective for reducing greenhouse gas emissions and limiting the adverse impacts of anthropogenic activities on the environment. This research investigates a wide range of scholarly works to conduct an in-depth analysis and synthesis of the relevant information about carbon neutrality strategies. The review introduces carbon neutrality principles and terminologies, highlighting their importance in climate mitigation. It then proceeds to explore the wide range of strategies employed across different sectors and industries, investigating their effectiveness, scalability, and potential challenges. A multidimensional analysis contrasts the United States Nationally Determined Contributions pathway 2023, China's Nationally Determined contributions 2023, and the EU Directive 2023/2413, assessing their economic, environmental, political, and social impacts. The study evaluates strategies' effectiveness, scalability, and innovation for transitioning to a sustainable, low-carbon future. It fills a gap by analyzing global approaches across the US, China, and the EU, which account for about 50% of the world's total GHG emissions. It evaluates the novel application of diverse strategies, from renewable energy transitions to innovative policy measures, highlighting their potential to mitigate climate change effectively. By providing a multidimensional analysis of these strategies' impacts, the research not only enhances understanding of effective carbon neutrality tactics but also underscores the importance of international cooperation in realizing a sustainable, low-carbon future. • Identifies and analyzes carbon neutrality strategies, emphasizing the need for diverse US, Chinese, and EU approaches. • Evaluate renewable energy, carbon capture, and policy tools for carbon reduction effectiveness, scalability, and innovation. • Highlights the study's novelty in synthesizing current knowledge on carbon neutrality, addressing a significant research gap. • Concludes with strategic ideas for international collaboration and policy development for low-carbon futures. [ABSTRACT FROM AUTHOR]

• A CGE model elaborately depicting six CCS technologies was developed. • Impacts of four CCS incentive scenarios on decarbonization pathways were simulated. • CCS can sequester 960 ∼ 1,604 MtCO 2 annually in China by 2060 with policy incentives. • CCS incentives can reduce China's future primary energy demand by 7.7 ∼ 17.4 %. • CCS incentives can increase GDP by 5.64 ∼ 6.59 % compared to no policy scenario. Carbon capture and storage (CCS) technology, considered as a pivotal tool in mitigating climate change within the fossil energy system, particularly in China, has experienced slower development than expected. The exploration of direct incentive policies to facilitate its growth remains relatively underdeveloped. This study developed a hybrid dynamic computable general equilibrium (CGE) model to simulate the substantial impacts of CCS incentive policies on China within the context of carbon neutrality target. Two potential incentive policies, carbon emission trading system (ETS) and 45Q tax credit, were simulated, with different sectoral coverage. The results indicate that CCS technologies can reduce carbon emissions by 960 ∼ 1,604 MtCO 2 annually by 2060 through the strategic implementation of these incentive policies. The 45Q tax credit demonstrates its effectiveness in promoting early-stage research and development (R&D) and demonstration of CCS, while the ETS policy facilitates the commercial development of CCS in the later stage of development. By 2060, the implementation of CCS incentive policies could potentially result in 7.7 ∼ 17.4 % reduction in China's primary energy consumption, 71.2 ∼ 82.7 % decrease in the carbon price of ETS and 5.64 ∼ 6.59 % increase in the GDP compared with the no-policy scenario. In addition, the sectoral output in various sectors and the welfare of urban and rural households also increase. This paper provides an important reference for the realization of China's carbon neutrality goal and the model framework can be applied to other countries. [ABSTRACT FROM AUTHOR]