For decades, the economics of a pulp mill have centered primarily on fiber, energy and established byproducts. But as low-carbon markets develop, another potential source of value is emerging from the mill itself: biogenic carbon dioxide. Biogenic CO₂ is generated from biomass rather than fossil sources. As governments and companies look for ways to reduce emissions, captured biogenic CO₂ can potentially serve two very different low-carbon markets: as feedstock for synthetic fuels and as a source of permanent carbon dioxide removal. That is beginning to change the conversation around carbon capture. Rather than viewing CO₂ solely as an emissions-management challenge, some pulp mills may increasingly be able to view it as a potential product. For pulp mills, that creates an important strategic question: Which market offers the greatest value for each ton of captured CO₂? …Biogenic CO₂ is just one of several emerging opportunities reshaping the economics of pulp production.