Process for the preparation of a methanol product comprising the steps of a) providing a first process stream consisting essentially of carbon dioxide; b) providing a second process stream consisting of hydrogen by electrolyzing water in an electrolysis unit; c) mixing the first and second process in amount to obtain a methanol synthesis gas with a mole ratio of H2 and CO2 of between 2.5 and 3.5; d) catalytic converting the methanol synthesis gas into raw methanol in at least one methanol reactor; e) purifying the raw methanol in a distillation unit; and recovering waste heat generated in the electrolysis unit in step (b) by transferring the waste heat to a circulating heat transfer medium by indirect heat exchange with the waste heat and by indirect heat exchange of the heated heat transfer medium with steam used for the distillation of the raw methanol, wherein the heated transfer medium is compressed upstream the indirect heat exchange with steam.