The process and system of the invention converts carbonaceous feedstock from fossil fuels and other combustible materials into electrical energy without the production of unwanted greenhouse emissions. The process and system uses a combination of a gasifier to convert the carbonaceous feedstock and a greenhouse gas stream into a synthesis gas comprising carbon monoxide and hydrogen. One portion of the synthesis gas from the gasifier becomes electrochemically oxidized in an electricity-producing fuel cell into an exit gas comprising carbon dioxide and water. The latter is recycled back to the gasifier after the water is condensed out. The second portion of the synthesis gas from the gasifier is converted into useful hydrocarbon products.