<p>Industrial operations and the burning of fossil fuels discharge greenhouse gases (GHGs), including COx, NOx, and SOx. The emission of GHGs has increased by 51% (2021) in comparison to 1990, which is mainly coming from the energy sector (&gt; 75%), followed by agriculture (&gt; 11%), industrial processes (&gt; 6.5%), waste and landfill (6–7%). An algal carbon capture system can sequester COx along with NOx and SOx from the environment to biomass and other valuable products. Algae can be cultivated in open ponds as well as closed reactor systems supplied with CO₂ rich gaseous stream as algal feed. Algae can contribute to biofuel generation via direct metabolisms (fuel is produced directly during growth, e.g., hydrogen) and via fermentation of algal biomass and metabolites. During growth, algae accumulated significant amounts of carbohydrate and lipids, which can be considered as feed for the production of fuels like ethanol, butanol, and biodiesel, and aviation fuels, etc. The approach seems sustainable for capturing inorganic carbon, but economic feasibility is a major obstacle due to tedious biomass recovery, compound extraction, and conversion to fuel. The current review represents the application of algal cultivation for CO₂ mitigation from the environment for the production of biomass and other commercial products.</p>