The electronic absorption spectra of liquid and supercritical CO2 (scCO2) are investigated by coupling a many-body energy decomposition scheme to configurations generated by Born-Oppenheimer molecular dynamics. A Frenkel exciton Hamiltonian formalism was adopted and the excitation energies were calculated with time dependent density functional theory. A red-shift of ∼ 0.2 eV relative to the gas-phase monomer is observed for the first electronic absorption maximum in liquid and scCO2. The origin of this shift, which is not very dependent on deviations from the linearity of the CO2 molecule, is mainly related to polarization effects. However, the geometry changes of the CO2 monomer induced by thermal effects and intermolecular interactions in condensed phase lead to the appearance of an average monomeric electric dipole moment〈μ〉= 0.26 ± 0.04 D that is practically the same at liquid and supercritical conditions. The predicted average quadrupole moment for both liquid and scCO2 is〈Θ〉= - 5.5 D Å, which is increased by ∼ -0.9 D Å relative to its gas-phase value. The importance of investigating the electronic properties for a better understanding of the role played by CO2 in supercritical solvation is stressed.