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Carbon capture and storage in salt domes or in inactive fields is seen as an appealing option to meet the ambitious objectives of the Paris Agreement. Captured CO 2 emissions can also be injected in active fields to enhance gas or oil recovery. We examine the optimal scale and timing of these different capturing and storage options in a dynamic model of an economy subject to a carbon budget. We consider the socially optimal outcome as well as the outcome under laissez-faire. The social optimum can have different forms depending on the initial carbon budget, the fossil fuel resource stock and the stock of already injected CO 2 in active fields. The level and convexity of the costs of capturing, storing and producing renewable energy plays a role as well. We specify the conditions under which each possible sequence of regimes – no capturing, only enhanced recovery, only storage without enhanced recovery, a combination of both or only renewables – occurs. We quantify our analytical results by calibrating the model and running simulations. [ABSTRACT FROM AUTHOR]