This can be helpful, but it's still a shortsighted solution. There are two types of carbon cycle on the planet: the short-term and the long-term [1]. The only natural mechanisms to transfer carbon between the two cycles are the planet's tectonic and volcanic activities. This has changed in recent history and we are constantly extracting carbon buried underground (long cycle) and release it into the atmosphere (short…
I mean, it sounds like the real real solution is to bury trees deep inside the earth.
Which is effectively what oil and coal are. Hence why we need to stop digging them up and burning them first.
It doesn't make a lot of sense to dig a deep hole to extract carbon from the ground at the same time and you're digging a different deep hole to put it back in, when you could save yourself a lot of trouble and just leave it there. (And burn the wood to generate electricity if that's cheaper than alternatives like solar and nuclear, which it isn't.)