Geothermal energy offers clean, renewable, reliable electric power with no need for grid-scale energy storage, yet its use has been constrained to the few locations worldwide with naturally high geothermal heat resources and groundwater availability. We present a novel approach with the potential to permit expansion of geothermal energy utilization: heat extraction from naturally porous, permeable formations with CO2 as the injected subsurface working fluid. Fluid-mechanical simulations reveal that the significantly higher mobility of CO2, compared to water, at the temperature/pressure conditions of interest makes CO2 an attractive heat exchange fluid. We show numerically that, compared to conventional water-based and engineered geothermal systems, the proposed approach provides up to factors of 2.9 and 5.0, respectively, higher geothermal heat energy extraction rates. Consequently, more regions worldwide could be economically used for geothermal electricity production. Furthermore, as the injected CO2 is eventually geologically sequestered, such power plants would have negative carbon footprints.