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NOTE: Updated version 1.1 available at http://hdl.handle.net/2027.42/162573 Climate change is one of the largest challenges of our time. One of the major causes of anthropogenic climate change, carbon dioxide, also leads to ocean acidification. Left unaddressed, these two challenges will alter ecosystems and fundamentally change life, as we know it. Under the auspices of the UN Framework Convention on Climate Change and through the Paris Agreement, there is a commitment to keep global temperature increase to well below two degrees Celsius. This will require a variety of strategies including increased renewable power generation and broad scale electrification, increased energy efficiency, and carbon-negative technologies. We believe that Life Cycle Assessment (LCA) is necessary to prove that a technology could contribute to the mitigation of environmental impacts and that Techno-Economic Assessment (TEA) will show how the technology could be competitively delivered in the market. Together the guidelines for LCA and TEA that are presented in this document are a valuable toolkit for promoting carbon capture and utilization (CCU) technology development.