This thesis addresses the pressing issue of climate change, emphasizing the urgent need to mitigate CO2 emissions in hard-to-abate sectors and align with global net-zero emission targets by 2030 and 2050. It commences by analyzing historical and projected CO2 emissions, examining socio-economic and environmental drivers, and regional variations. The study identifies Asia and OECD countries as critical areas requiring mitigation efforts due to their significant emissions. The thesis then delves into an in-depth evaluation of Carbon Capture and Storage (CCS), examining its functionality and global capacity for underground CO2 storage. It highlights the need for a more comprehensive, internationally recognized methodology for assessing local storage capacities, emphasizing the importance of a consistent database for decision-making and cross-country comparisons.