Utilizing CO 2 to produce value-added chemicals can save environmental and economic impacts. However, these savings are reduced by the cost of CO 2 supply when CO 2 has to be captured from dilute sources. To reduce the cost of CO 2 supply, the combination of CO 2 capture and utilization has been suggested in a single integrated CO 2 capture and utilization (ICCU) process. Although integration is intuitively appealing, a rigorous assessment of the savings by integration is missing. In this work, we evaluate if integration indeed increases savings, by comparing a utilization process without integration to a novel ICCU process. In the novel ICCU process, methanol absorbs CO 2 from raw natural gas, before the mixture of CO 2 and methanol is hydrogenated to methyl formate. We show that the novel ICCU process saves up to 46% of the electricity demand, which results in savings of up to 8 and 7% in the cost and the greenhouse gas emissions of the utilities, respectively. However, these savings are only enabled when raw natural gas with 30 mol % CO 2 is employed; with lower CO 2 concentrations, integration can even increase the cost and emissions of CCU. From the obtained results, we derive an indicator to assess the savings potential of ICCU processes. Finally, life cycle assessment reveals that CO 2 -based methyl formate has the potential to reduce both the global warming impact and the depletion of fossil resources compared to methyl formate produced from fossil sources.