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Low carbon options for the chemical industry include switching from fossil to renewable energy, adopting new low-carbon production processes, along with retrofitting current plants with carbon capture for ulterior use (CCU technologies) or storage (CCS). In this paper, we combine a dynamic Life Cycle Assessment (d-LCA) with economic analysis to explore a potential transition to low-carbon manufacture of formic acid. We propose new methods to enable early technical, environmental and economic assessment of formic acid manufacture by electrochemical reduction of CO₂ (CCU), and compare this production route to the conventional synthesis pathways and to storing CO₂ in geological storage (CCS). Both CCU and CCS reduce carbon emissions in particular scenarios, although the uncertainty in results suggests that further research and scale-up validation are needed to clarify the relative emission reduction …