This paper highlights that policy must fill two gaps: the accounting and the commercialization gap for the near-term development of a comprehensive CDR policy framework. It shines a light on the current status of negative emission technologies and the role of carbon capture and storage in delivering negative emissions in Europe’s decarbonized future. It also analyzes the role of carbon markets, including voluntary markets, as potential incentives while exploring policy pathways for a near-term scale-up. The paper concludes that the EU provides a promising comprehensive climate policy framework where CDR is already included in some areas. These policies are likely to be able to drive CDR deployment once the technologies are commercialized via a technology-specific innovation policy. Thus, more must be done to ensure accurate accounting and that the technologies are commercialized in time to deliver on climate ambition.