Direct electrochemical
reduction of CO
2
to C
2
products such as ethylene
is more efficient in alkaline media, but
it suffers from parasitic loss of reactants due to (bi)carbonate formation.
A two-step process where the CO
2
is first electrochemically
reduced to CO and subsequently converted to desired C
2
products
has the potential to overcome the limitations posed by direct CO
2
electroreduction. In this study, we investigated the technical
and economic feasibility of the direct and indirect CO
2
conversion routes to C
2
products. For the indirect route,
CO
2
to CO conversion in a high temperature solid oxide
electrolysis cell (SOEC) or a low temperature electrolyzer has been
considered. The product distribution, conversion, selectivities, current
densities, and cell potentials are different for both CO
2
conversion routes, which affects the downstream processing and the
economics. A detailed process design and techno-economic analysis
of both CO
2
conversion pathways are presented, which includes
CO
2
capture, CO
2
(and CO) conversion, CO
2
(and CO) recycling, and product separation. Our economic
analysis shows that both conversion routes are not profitable under
the base case scenario, but the economics can be improved significantly
by reducing the cell voltage, the capital cost of the electrolyzers,
and the electricity price. For both routes, a cell voltage of 2.5
V, a capital cost of $10,000/m
2
, and an electricity price
of <$20/MWh will yield a positive net present value and payback
times of less than 15 years. Overall, the high temperature (SOEC-based)
two-step conversion process has a greater potential for scale-up than
the direct electrochemical conversion route. Strategies for integrating
the electrochemical CO
2
/CO conversion process into the
existing gas and oil infrastructure are outlined. Current barriers
for industrialization of CO
2
electrolyzers and possible
solutions are discussed as well.