Rising carbon emissions caused by population growth and industrialization is a significant environmental challenge in various countries. To combat this issue, Renewable Energy (RE) and Carbon Capture and Storage (CCS) technologies should be commercialized to reduce Greenhouse Gas (GHG) emissions and generate carbon-free energy. One such technology is the use of microalgae, which can directly capture CO from the air through photosynthesis and potentially produce biofuels due to their high energy content. However, the carbon capture rate of microalgae varies globally due to numerous parameters and variables affecting microalgae productivity. Additionally, microalgae productivity and carbon capture formulas yield different results worldwide, especially in outdoor industrial-scale cultivation. This research aims to comprehensively review the effective variables and parameters in carbon capture by microalgae based on microalgae productivity and carbon capture formulas. The research also ranked countries based on CO production in four different categories to determine whether the biggest carbon producer countries could exhibit suitable weather conditions for microalgae cultivation. Findings reveal optimal ranges of critical variables in the microalgae growth formula, including temperature, solar radiation intensity, Photon Flux Density (PFD), and sunlight duration. The study also analyzes microalgae cultivation, carbon capture, and oxygen production formula in different systems such as Open Ponds (OP), Tubular Photobioreactors (TPBR), and Flat Plate Photobioreactors (FPPBR), while discussing other influential parameters. In conclusion, emphasizing the adjustment and utilization of optimal values of effective parameters in microalgae cultivation not only holds promise for future carbon capture by microalgae but also pushes human beings toward sustainable development goals.