We use TIAM-FR, an Integrated Assessment Model representing the world energy system and its impact on climate change to assess the contributions of CO2 utilization and CO2 storage. While we assume that no costs for CO2 transport must be supported in the case of CO2 utilization, we vary the cost for CO2 transport and observe the impact of the deployment rate of CCU and CCS in scenarios compliant with the Paris Agreement. In this integrated assessment exercise, we show that the impact of the cost of CO2 transport and storage on the deployment rate of CCU is not straightforward. Increasing the cost of transport and storage affects the yield of global electricity, resulting in higher prices that in turn make electrolysis more expensive. As CO2 utilization is very dependent on energy and hydrogen, we find that CCU becomes less competitive as the cost of CO2 transport and storage rises. Besides, while CO2 storage is proved very efficient in tackling climate change in the early 2030s, CO2 utilization is only deployed significantly by 2050, and the increased cost of CO2 transport and storage delays its roll-out.