Abstract To meet the global climate change mitigation targets, more attention has to be paid to the decarbonization of the heating and cooling sector. Aquifer Thermal Energy Storage (ATES) is considered to bridge the gap between periods of highest energy demand and highest energy supply. The objective of this study therefore is to review the global application status of ATES underpinned by operational statistics from existing projects. ATES is particularly suited to provide heating and cooling for large-scale applications such as public and commercial buildings, district heating, or industrial purposes. Compared to conventional technologies, ATES systems achieve energy savings between 40% and 70% and CO2 savings of up to several thousand tons per year. Capital costs decline with increasing installed capacity, averaging 0.2 Mio. € for small systems and 2 Mio. € for large applications. The typical payback time is 2–10 years. Worldwide, there are currently more than 2800 ATES systems in operation, abstracting more than 2.5 TWh of heating and cooling per year. 99% are low-temperature systems (LT-ATES) with storage temperatures of