Carbon Offsetting and Emission Reduction Strategies with Digital Currencies and Renewable Energy: Pathways to Sustainable Development

In the twenty-first century, climate change has emerged as a critical concern. Increased economic activity in global economies leads to a rapid rise in carbon emissions. CO2 emissions are a significant contributor to climate change. In order to mitigate the impacts of climate change, numerous measures are being considered to decrease emissions. Since 1997, the United Nations Framework Convention on Climate Change (UNFCCC) has been striving to reduce the consequences of climate change. Additionally, at COP 21 in Paris on 12 December 2015, the parties to the UNFCCC reached a significant agreement to address climate change and expedite and enhance the measures, and investments required for a sustainable low-carbon future. It also pledged to restrict global warming to a level much below 2 °C above pre-industrial levels, with endeavours to maintain it at 1.5 °C. Another major commitment was achieving net-zero emissions by the second half of the twenty-first century. In the framework of attaining the targets, numerous measures are being considered to achieve the targets. Our aim is to explore the advanced approaches to reduce emissions, mainly emphasizing carbon offsetting and emission reduction strategies as innovative techniques that offer rigorous and adaptable approaches to reducing emissions in the global effort to address climate change. Furthermore, explore the diverse array of cutting-edge approaches, such as LULUCF (land use, land-use change, and forestry), REDD (reducing emissions from deforestation and forest degradation), Renewable Energy Projects, Carbon Capture and Storage (CCS), etc. that directly remove CO2 from the atmosphere. The ongoing projects, such as the Kasigau Corridor REDD+ Project (Kenya), Clean Cookstoves Project, and Dakota Range Wind Project (USA), also revealed that they have a significant role in reducing carbon emissions and enhancing environmental sustainability. Furthermore, chapter also highlights these approaches potential to accelerate progress in sustainability-related aspects by integrating with the SDGs and Agenda 2030 of the United Nations. We also perform a thorough analysis of the worldwide adoption of cutting-edge carbon offsetting and emission reduction strategies using reports from ongoing projects and practical applications. It also assesses the potential impact of these initiatives potential to advance the 2030 Agenda and the challenges that come with doing so in detail. The last section of the chapter examines these strategies prospects in light of accelerating global climate action and advancing a low-carbon sustainable future.