ICO2NIC will couple developments in polymer membrane-based CO2 capture technology with a novel Gas Diffusion electrochemical cell for CO2 to formic acid conversion. Valorisation of formic acid via innovative biological processing routes will deliver high value products and materials. By making CCU (carbon capture and utilization) profitable, the ICO2NIC approach will enable global emitters to capture and valorise waste CO2, paving the way for a significant reduction in global emissions. The ICO2NIC consortium will form a complete value chain, from CO2 emitter (TUPRAS), to end users (TUPRAS, P&G), inclusive of carbon capture and purification (CPT), electrochemical conversion (AVT), and downstream processing (B.Fab, NPI). This industrial representation will enable validation of an integrated business model that has the potential to deliver a viable economic model for all parties (without external financial aid). Leading RTOs will support the integration of RES through digital monitoring and control systems (IDE), and confirm the cost efficiency, environmental performance and scalability of the proposed concept through development of a robust TEA and process design (SINTEF) and LCA (TNO); paving the way for capture of 6.45 Mt of CO2 from TUPRAS’ refineries by 2040, and up to 75 Mtpa CO2 in the EU refinery sector in the long term.