How Blockchain Technology can help halve the average global carbon footprint by 2050

moneycontrol.com:

With 196 countries making a commitment to sustainability since 2015 under the Paris Agreement, the fight against global warming has been gathering pace, with countries advancing climate action through the use of greener fuels.

However, even though energy consumption accounts for more than 75% of greenhouse gas emissions, more than 40% of it is contributed by electricity consumption by businesses and consumers alike in office and residential spaces, according to analysis done by Climate Watch using raw data from the International Energy Agency (IEA).

This has brought into focus the need to adopt more efficient technology solutions, whether in the field of business processing, industrial processes or even managing energy consumption in building spaces.

One such enabler is Blockchain technology, which, according to TraceX Technologies, can play an important role in helping organisations across the world achieve net-zero carbon emissions and remains vital to the goal of reducing the average global carbon footprint from 4 tons to 2 tons by 2050.

The carbon footprint and its principal contributors

Defined as the quantity of greenhouse gas emissions produced by an individual, group, or organisation, the carbon footprint is commonly expressed in the equivalent of carbon dioxide and is generally higher in developed economies, where industrial activity and consumption are higher than in developing nations.

Increasing economic activity translates into higher per-capita CO2 emissions, and the negative impact of these emissions on the environment makes it imperative for the world to adopt transformative changes at the earliest.

While transportation is responsible for 12.6% of total emissions, human activities in both residential and