The continuously increasing share of Renewable Energy Sources (RES) and EU targets for CO2 reduction and energy efficiency necessitate significant changes both on technical and regulatory level. Environmental challenges of CO2 emissions are assessed in a review of CO2 capture and utilisation technologies, offering new opportunities in CO2 economy. Commercial applications in the thermal power and industrial sector for pre and post combustion capture as well as the potential of direct air CO2 capture are reviewed. The potential of Carbon Capture and Utilisation (CCU) is assessed focusing on the use of CO2 for fuel as well as for combined heat and power production. Combining CCU with energy storage as an evolutionary measure for balancing RES with thermal power under the power to fuel concept presents high market potentials for fuel and chemical production. Moreover, the recent progress in supercritical CO2 cycles for combined heat and power production is reported.