Summary Production of renewable alcohols from air, water, and sunlight present an avenue to utilize captured carbon dioxide for the production of basic chemicals and store renewable energy in the chemical bonds of liquid fuels. Of the technologies that utilize CO2 directly, CO2 electrolysis, as well as CO2 hydrogenation coupled with H2O electrolysis, have the benefit of requiring only CO2, H2O, and renewable electricity as inputs with O2 as a sole byproduct. Among alcohols, renewable methanol has seen the most development and analysis in the chemical industry because it is currently a syngas-derived product that could be adapted for direct CO2 utilization. In this perspective, we compare renewably powered CO2 electrolysis and CO2 hydrogenation with the incumbent methanol production method from syngas from a cost and CO2 life cycle perspective by analyzing recent literature to identify the research goals that enable further scale-up. Survey of the industry shows that CO2 hydrogenation is among the closest CO2 utilization technologies to large-scale deployment. We further discuss these CO2 hydrogenation systems and the catalysts that drive them, with recommendations to drive further development and scale-up.