The study looked at two approaches to carbon sequestration - biological and geological (or physiochemical) sequestration. The paper summarizes and reviews global, European and UK estimates of the amount of carbon that could be sequestered in biomass (plants and soils) during the coming 50-100 years, and the amount of carbon emitted by burning fossil fuels that could be avoided by growing biomass for energy. The literature on these two aspects is bedevilled with different interpretations of what is 'potential' and what is actually achievable. In this review, estimates are given of the range of values for: theoretical potential capacity; realistic potential capacity; conservative, achievable capacity. The study derived the carbon substitution values that are possible using biomass and industrial residues in the world, Europe and the UK. It was found that biological carbon sequestration and energy substitution can play a significant but not dominant role in mitigating carbon emissions. It was found that geological carbon sequestration has the potential to make a huge contribution to the UK's climate change policy. It is also clear that there remain huge uncertainties at many levels that must be faced. Carbon storage is not a panacea that can enable us to pursue a CO{sub 2}-free fossil fuel energy economy indefinitely; inevitably, it does not prevent the production of CO{sub 2} from energy use (neither does biological sequestration). It can offer, however, the potential to minimise the interim CO{sub 2} emissions to the atmosphere as we proceed towards a long term sustainable solution. 108 refs., 5 apps.