Liquid organic hydrogen carriers will likely be a key element of a future hydrogen economy by enabling the storage and transport of large quantities of hydrogen. Ethanol is a liquid organic hydrogen carrier that is readily available from biological resources, which undergoes a reversible reaction to yield hydrogen and ethyl acetate. The objective of the present study is to obtain a better understanding of the thermodynamic and environmental suitability of the ethanol–ethyl acetate cycle for hydrogen storage applications. The analysis covers three aspects: thermodynamics of the chemical reaction, energy balance of the process, and a first-order assessment of greenhouse gas emissions. Thermodynamics of the reaction are characterized by a standard Gibbs energy of reaction close to zero which allows the reaction to be shifted between hydrogenation and dehydrogenation within a moderate window of temperature and pressure conditions. The energy demand for dehydrogenation is comparatively small, resulting in an overall system efficiency of 88%. A life cycle greenhouse gas analysis over a 20-year storage system lifetime gives a carbon intensity of 7.0 kg-CO2eq/kg-H2 delivered. These results indicate that the ethanol–ethyl acetate system has considerable promise as a hydrogen carrier and should be the subject of further research.