The amount of CO₂ released in the atmosphere has been at a continuous surge in the last decade, and in order to protect the environment from global warming, it is necessary to employ techniques like carbon capture. Developing technologies like Carbon Capture Utilization and Storage aims at mitigating the CO₂ content from the air we breathe and has garnered immense research attention. In this review, the authors have aimed to discuss the various technologies that are being used to capture the CO₂ from the atmosphere, store it and further utilize it. For utilization, researchers have developed alternatives to make profits from CO₂ by converting it into an asset. The development of newer fuel cells that consume CO₂ in exchange for electrical power to drive the industries and produce valuable hydrocarbons in the form of fuel has paved the path for more research in the field of carbon utilization. The primary focus on the article is to inspect the environmental and economic feasibility of novel technologies such as fuel cells, different electrochemical processes, and the integration of artificial intelligence and data science in them, which are designed for mitigating the percentage of CO₂ in the air.