The impact of energy production on the environment by utilizing fossil fuels is a matter of growing concern worldwide. Due to the recent global warming and climate change issue there is a need to reduce the emission of greenhouse gases. The CO₂ emission constitutes the major portion among the greenhouse gases. In this regard, CO₂ capture has become an active area of research worldwide. The increase in energy demand has also resulted in installation of coal based power plants. A major problem of coal based IGCC (Integrated Gasification Combined Cycle) power plant is the related emissions of CO₂, which should be mitigated. Absorption has been shown to be the most extensively used technology for pre-combustion CO₂ capture. The main focus of this research is to explore various solvents in terms of performance comparison and cost analysis. Single-stage and Dual-stage Selexol process is used as the base case and the performance of Sulfinol hybrid solvent (a mixture of Sulfolane, MDEA and H₂O) is compared with it. The later process has shown a significant reduction in total annual cost than the conventional Selexol process. Optimization for each option is performed using Aspen Plus. Furthermore, the Selexol process is modified and economically assessed by addition of two novel additives: dimethyl carbonate (DMC) and diethyl carbonate (DEC). There is a decrease in pumping cost by the addition of DEC and DMC with Selexol but at the cost of solvent loss.