Abstract Climate change is driven largely by CO 2 emissions from the combustion of fossil fuels in everyday human activities. It is essential to reduce CO 2 emissions to meet the targets of the Paris Agreement, but this presents challenges for the stability of energy supplies. This review examines emerging technologies that address this dilemma, focusing on carbon capture and storage (CCS) and carbon capture and utilization (CCU). Carbon capture and storage involves capturing CO 2 emissions – particularly from high‐emitting industries such as petrochemicals, cement, and steel – for long‐term geological storage. Carbon capture and utilization provides pathways for converting captured CO 2 into value‐added products, including fuels, chemicals, and polymers, supporting circular economy principles. This review critically evaluates the four main carbon capture approaches – post combustion, precombustion, oxy‐fuel combustion, and direct air capture. Integration of these technologies with renewable energy sources is identified as a promising route toward global decarbonization and sustainable economic growth. However, widespread adoption of CCS and CCU remains limited because of high costs, technical barriers, and substantial energy demands. Continued innovation, together with strong policy support, will be required to overcome these barriers and enable large‐scale implementation.