Carbon Capture and Storage (CCS) is indeed a very effective technology in reducing the CO2 concentrations from the atmosphere and possesses massive potential for mitigating climate change. Over the years CCS processes has evolved, however, it is still believed to be in initial phase and appears as a new idea to many under developed countries. Today CCS appears as the only applicable solution to reduce Gigatonnes (Gt) CO2 emissions besides burning the fossil fuels for energy. The application, however, is not as straightforward as it appears. The high costs and potential risks associated leaves the vision of mitigating climate change through CCS under obscurity, thereby, making the future of CCS a bit vague. This paper aims to project the near future of CCS by the analysis of present CCS prospects, CO2 capturing and storage processes, risks and problems associated, and more importantly the economics encompassing a CCS project. The paper begins with the brief overview of Carbon Capture and Storage (CCS), followed by a comparison of different capturing processes, storage mechanisms, potential problems and risk complications; a comparison of renewables in contrast with CCS is provided. Lastly, the economics and costs of present CCS prospects in different parts of world are discussed.