Achieving climate neutrality by 2050 requires a rapid paradigm shift towards the implementations of new, climate positive solutions that can boost the European market. Emerging new solutions for carbon capture, utilization, and storage (CCUS) have great potential to decarbonize production in the chemical industry, while allowing value creation from own carbon emissions. In this context, the PYROCO2 project will demonstrate the scalability and economic viability of carbon capture and utilization (CCU) to make climate-positive acetone out of industrial CO2 and renewable electricity derived hydrogen. Core of the technology is an energy-efficient thermophilic microbial bioprocess that is projected towards a reduction of 17 Mt CO2eq by 2050. The acetone produced by the PYROCO2 process will be demonstrated as an ideal platform for the catalytic synthesis of a range of chemicals, synthetic fuels, and recyclable polymer materials from CO2, generating a portfolio of viable business cases and pre-developed processes for replication and commercialisation. The PYROCO2 demonstrator plant will be able to produce up to 4000 tonnes acetone annually from 9100 tonnes of industrial CO2 and green hydrogen. It will be located at the industrial cluster of Heroya Industrial Park in southern Norway, a strategic placement that guarantees access to CO2 feedstock and green energy at a competitive price and connects several carbon-intensive industries with chemical production through industrial symbiosis. From here, the PYROCO2 project will represent a key driver for the emergence of CCU Hubs across Europe. Besides the large-scale demonstration and full financial, regulatory, and environmental assessment of the PYROCO2 technology, the project will explore the sphere of public acceptance and market exploitation to further encourage the emergence of the CCU market.