Carbon-neutral hydrogen production is of key importance for the chemical industry of the future. We demonstrate a new thermal catalytic route for the partial reforming of ethanol into hydrogen and acetic acid with near-zero carbon dioxide emissions. This reaction is enabled by a catalyst containing a high density of atomic Pt and Ir species supported on a reactive alpha-molybdenum carbide substrate, achieving a hydrogen production rate of 331.3 millimoles of hydrogen per gram catalyst per hour and an acetic acid selectivity of 84.5% at 270°C, and is therefore more energy-efficient compared with standard reforming. Techno-economic analysis of partial ethanol reforming demonstrates the potential profitability for operation at an industrial scale, presenting the opportunity to produce hydrogen and acetic acid with a substantially reduced carbon dioxide footprint.