To alleviate the global climate crisis, carbon management, i.e., technological and biological carbon capture, utilization, and storage, has emerged as an important means for businesses and societies. Addressed by only specific industry-level studies, carbon management still lacks research on business management perspectives. Such research is necessary since companies need proven insights to understand the economic value of carbon management. The purpose of this study is to explore economic value creation in the ecosystem of carbon management and investigate the business and institutional drivers of said value creation. We employ a multiple-case study of 14 European industrial companies and their carbon management activities. To obtain insights in both business and institutional views, we employ theories of customer value and sociotechnical transitions. We established four value creation archetypes for carbon management businesses, namely; (1) removing excess CO2 from biological cycle, (2) providing captured carbon as a raw material, (3) providing products made from captured carbon, and (4) supporting the above value chains by enabling or improving the flow of carbon. In addition, we identify business and institutional drivers for carbon management businesses. By presenting how companies can create value from carbon management within the sustainability transition framework, we contribute to management, customer value, and sustainability literature. Managerially, we support carbon management businesses by suggesting different types to create value and their drivers in the field.