A novel process path is proposed to produce glycolic acid (GA) from CO2 as the feedstock, including CO2 capture, power-to-hydrogen, CO2 hydrogenation to methanol, methanol oxidation to formaldehyde, and formaldehyde carbonylation units. The bottlenecks are discussed from the perspectives of carbon utilization, CO2 emissions, total site energy integration, and techno-economic analysis. The carbon utilization ratio of the process is 82.5%, and the CO2 capture unit has the largest percentage of discharge in carbon utilization. Among the indirect emissions of each unit, the CO2 hydrogenation to methanol has the largest proportion of indirect carbon emissions, followed by the formaldehyde carbonylation to glycolic acid and the CO2 capture. After total site energy integration, the utility consumption is 1102.89 MW for cold utility, 409.67 MW for heat utility, and 45.98 MW for power. The CO2 hydrogenation to methanol makes the largest contribution to utility consumption due to the multi-stage compression of raw hydrogen and the distillation of crude methanol. The unit production cost is 834.75 $/t-GA; CO2 hydrogenation to methanol accounts for the largest proportion, at 70.8% of the total production cost. The total production cost of the unit depends on the price of hydrogen due to the currently high renewable energy cost. This study focuses on the capture and conversion of CO2 emitted from coal-fired power plants, which provides a path to a feasible low-carbon and clean use of CO2 resources.