Society has set ambitious targets for stabilizing mean global temperature. To attain these targets, it will have to reduce CO₂ emissions to near zero by mid‐century and subsequently remove CO₂ from the atmosphere during the latter half of the century. There is a recognized need to develop technologies for CO₂ removal; however, attempts to develop direct air‐capture systems have faced both energetic and financial constraints. Recently, BioEnergy with Carbon Capture and Storage (BECCS) has emerged as a leading candidate for removing CO₂ from the atmosphere. However, BECCS can have negative consequences on land, nutrient, and water use as well as biodiversity and food production. Here, we describe an alternative approach based on the large‐scale industrial production of marine microalgae. When cultivated with proper attention to power, carbon, and nutrient sources, microalgae can be processed to produce a variety of biopetroleum products, including carbon‐neutral biofuels for the transportation sector and long‐lived, potentially carbon‐negative construction materials for the built environment. In addition to these direct roles in mitigating and potentially reversing the effects of fossil CO₂ emissions, microalgae can also play an important indirect role. As microalgae exhibit much higher primary production rates than terrestrial plants, they require much less land area to produce an equivalent amount of bioenergy and/or food. On a global scale, the avoided emissions resulting from displacement of conventional agriculture may exceed the benefits of microalgae biofuels in achieving the climate stabilization goals.