The carbon footprint represents the total volume of greenhouse gases resulting from everyday economic and human activity. The carbon footprint for an individual depends not only on daily activities but also on the companies and products the individual chooses to relate to. Some companies have carbon reduction initiatives, which means their products will have a smaller carbon footprint. The world’s electricity markets are experiencing the growing impacts of climate change. Heatwaves, cold snaps, droughts, and floods have become more frequent and intense, leading to unstable and unreliable electricity supply. Despite the impressive growth in renewable power, electricity generation from coal and gas has hit record levels. As a result, carbon dioxide (CO2) emissions from power generation rose by 7% in 2021, reaching a record high after declining during 2019 and 2020.
Governments are increasingly focused on tackling climate change by making climate policies. In October 2020, the Japanese government announced plans to achieve net-zero carbon emissions by 2050. Also, in May 2021, the German government set new targets to reduce its carbon footprint. Under the new targets, Germany aims to cut carbon emissions by 65% and 88% (compared to 1990 levels) by 2030 and 2040, respectively, to reach net-zero emissions by 2045. In addition, governments are deploying policy measures to decarbonize their economies and electricity sectors in line with their medium-term and long-term climate ambitions. For instance, in June 2019, the EPA (U.S.) issued greenhouse gas (GHG) emission regulations for existing fossil fuel-fired power plants in the Affordable Clean Energy (ACE) rule.
Governments have also instructed organizations to follow norms and regulations. Many organizations are increasingly investing in developing a strict approach to calculating and managing carbon emissions. For instance, in November 2019, ENGIE (France) partnered with Accenture (Ireland), Salesforce, Inc. (U.S.), and Vlocity (U.S.) to provide low-carbon energy and services to help ENGIE’s customers around the world achieve zero-carbon future. Hence, the growing need to reduce carbon footprints is expected to boost the demand for smart energy management systems driving the growth of this market.
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