The transition to a carbon-neutral economy requires innovative solutions that reduce greenhouse gas emissions (GHG) and promote sustainable energy production. Additionally, carbon dioxide removal technologies are urgently needed. The production of biomethane or biohydrogen with carbon dioxide capture and storage are two promising BECCS approaches to achieve these goals. In this study, we compare the advantages and disadvantages of these two approaches regarding their technical, economic, and environmental performance. Our analysis shows that while both approaches have the potential to reduce GHG emissions and increase energy security, the hydrogen-production approach has several advantages, including up to five times higher carbon dioxide removal potential. However, the hydrogen bioenergy with carbon capture and storage (HyBECCS) approach also faces some challenges, such as higher capital costs, the need for additional infrastructure, and lower energy efficiency. Our results give valuable insights into the trade-offs between these two approaches. They can inform decision-makers regarding the most suitable method for reducing GHG emissions and provide renewable energy in different settings.