Industry is a major contributor to the rise in global CO2 emissions, constituting one fifth of the global energy consumption, of which a significant amount is provided by fossil fuel combustion. Following the Paris agreement, emphasis has been made on the decarbonization of the industrial sector. This study focuses on industrial decarbonization by employing Carbon Capture and Storage for Combined Heat and Power (CHP) gas turbine plants. The scope of this study includes conceptual modelling and thermodynamic analysis of potential decarbonization options for zero carbon CHP plants. The studied options include post-combustion capture, exhaust gas recirculation, precombustion capture and oxyfuel combustion. As conventional air Brayton cycles are not applicable for oxy-fuel combustion in gas turbines, different working fluids and cycle configurations are proposed and thermodynamic performance is evaluated. Selected cycles were then compared based on thermodynamics, economics and off-design performance at a typical constant power to heat ratio of 0.78. It was observed that oxyfuel CHP cycle with CO2 working fluid is a promising solution for zero carbon CHP with relatively low costs and 100% CO2 capture. However, this solution requires new turbomachinery design.