The paper deals with exhaustive process modelling, techno-economic and life cycle assessment (TEA/LCA) of olefin (ethylene and propylene) production through captured CO2 and electrolytic hydrogen. Olefins are important building block chemicals with several applications and carbon capture and utilisation (CCU) can provide a sustainable production route. The proposed system involves direct air capture (DAC) of CO2; proton exchange membrane (PEM) water electrolysis for hydrogen production, methanol synthesis, methanol to olefins (MTO) upgrade, and power generation from off-shore wind turbines. This study proposes a new integrated process as the first attempt to holistically assess a whole CCU assembly aiming at olefins production. Processing modelling has been implemented using the Aspen plus V12.1 and MATLAB R2022a software to solve the mass and energy balances of each unit operation. The modelling results showed a carbon efficiency of 72.3% to ethylene and propylene. In addition, the process is designed and integrated in such a way that no external heat supply is required. A specific energy consumption (SEC) of 150 MJ/kg olefins (41 kWh/kg) has been estimated. A minimum selling price of £3.67 per kg of olefins is required for the proposed process to break-even. The sensitivity analysis has revealed that the major cost driver is the cost of electricity. In addition, the life cycle assessment (LCA) has exposed that the proposed synthesis route of olefins has the potential to reduce the global warming potential (GWP) by 47% compared to fossil - based production. The outcomes of this study can be beneficial to engineering conceptual studies, policy makers and contribute new information to the CCU academic community.