Australia plans carbon storage under ocean - Australia has significant geological storage potential, particularly in our offshore sedimentary basins, Ferguson told an energy conference in Sydney late on Tuesday.

Carbon Dioxide Capture and Storage: Grasping At Straws in the Climate Debate? - ScienceDaily (May 8, 2008) — Great hopes are being placed on undeveloped technology. Capturing and storing carbon dioxide is predicted to be one of the most important measures to counter the threats to our climate. But the technology still hasn’t been tested in full scale, and the complications and risks it entails may have been grossly underestimated.

Carbon storage has become important in international negotiations on the management of greenhouse gas emissions, because increased carbon storage can be useful in offsetting emissions of carbon from fossil fuel burning and other sources - Source

The equilibrium carbon storage that ecosystems will eventually achieve if left undisturbed by humans is a major unknown in terms of quantifying future carbon sinks into global forests and other ecosystem types. In the present world, for instance, most temperate forests are clearly well below their potential per-unit-area carbon storage. To make predictions of future CO2 rise, it is important to understand how great a sink the world's forests are likely to be before they eventually 'saturate' and stop taking up further carbon, aside from any issues of direct CO2-fertilization - Source