As things stand, there is currently no available commercial insurance for long-term liability of CCS projects. This makes investors shy away from such initiatives, even if the risk of the venture is assessed to be relatively small. A policy review was carried out to assess the risks involved in the CCS industry which identified uncertainties with regards to the risks associated with CCS that make policy making and insuring CCS projects very difficult. This paper presents a coherent understanding of the chain of events that could lead to major failures in a CCS project. This research project has looked into the potential risks involved in CO2 storage and the ways in which their criticality and importance as well as their probability and likelihood can potentially be calculated using Fault Tree Analysis (FTA) and Analytical Hierarchy Process (AHP) methods.