The Intergovernmental Panel on Climate Change (IPCC) released its Sixth Assessment report in April 2022. The nuance of what was heard likely depends on where interests lie. Some argue the recent report gives the green light for continued fossil fuel use with carbon capture and storage (CCS), while others contend it was a signal to close the door on CCS and keep the focus on proven technologies. The truth on such divisive topic is complex. CCS is often discussed in the context of gas processing or thermal power generation. However, CCS covers various technologies and processes. It is important for investors to be clear about the type of CCS being discussed, as the different applications have varying levels of technical and commercial maturity, contrasting environmental and social risks and opportunities, and differing mitigation potential. This report outlines the general status, risks and opportunities of carbon capture technology in various applications.