Long‐term geological storage of CO2 may be essential for greenhouse gas mitigation, so a number of storage strategies have been developed that utilize a variety of physical processes. Recent work shows that injection of combustion power plant effluent, a mixture of CO2 and N2, into CH4 hydrate‐bearing reservoirs blends CO2 storage with simultaneous CH4 production where the CO2 is stored in hydrate, an immobile, solid compound. This strategy creates economic value from the CH4 production, reduces the preinjection complexity since costly CO2 distillation is circumvented, and limits leakage since hydrate is immobile. Here we explore the phase behavior of these types of injections and describe the individual roles of H2O, CO2, CH4, and N2 as these components partition into aqueous, vapor, hydrate, and liquid CO2 phases. Our results show that CO2 storage in subpermafrost or submarine hydrate‐forming reservoirs requires coinjection of N2 to maintain two‐phase flow and limit plugging.