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The residential sector has been targeted as the one with a huge potential for reducing carbon emissions. In order to determine the present carbon footprint and the potential for achieving carbon neutrality, the study examines electricity consumption in average households, whose electricity is supplied by their national power grids. 31 European countries (27 EU and 4 non-EU countries) were included in this analysis. Our results indicate that the annual carbon emissions of these average households range from 0.09 to 6.44 tCO 2 e (1.36 tCO 2 e on average), depending on a country. In addition, the calculated electricity costs per tCO 2 e emission for an average household vary significantly (from 94 to 10,135 EUR/tCO 2 e).Carbon offsetting is a mechanism which enables households to achieve carbon neutrality, i.e. households can compensate for the emissions caused by their electricity consumption by purchasing voluntary carbon offsets. This study also analyses the financial implications of purchasing voluntary carbon offsets. The results indicate that voluntary carbon offsets do not burden household budgets significantly because their share in total electricity costs is small. European households, particularly those in countries where electricity is more expensive, can comfortably achieve carbon neutrality with voluntary carbon offsets. In this way, they can contribute to global sustainable development. [Display omitted] • Average carbon footprint of grid-connected household in Europe is less than 2 tCO2e. • The cost of electricity per CO2 emissions varies from 94 to 10,135 EUR/tCO2. • Voluntary carbon offset costs in electricity costs vary widely across Europe. • Carbon offsetting is a practical solution for achieving a carbon-neutral household. [ABSTRACT FROM AUTHOR]

Climate change and CO 2 emissions intertwine corporations and society in current political, social, environmental, and economic debates, specifically in Europe. The climate action plan formulated by the European Commission aims to achieve net zero emissions through eco-innovation by 2050. The objective of this study is to investigate the impact of the European eco-innovation index on CO 2 emissions produced by European firms. Using a dataset of 735 firms from 17 European countries listed during 2010–2018, we found a significant negative association between the country-level eco-innovation index and CO 2 emissions directly produced by the European firms. We also found a significant negative association between the eco-innovation index and indirect CO 2 emissions produced by the value chain of these firms. The results provide evidence that via eco-innovation, supportive steps taken by European countries provide a conducive environment for the European firms to adopt eco-innovative strategies that significantly reduce their direct and indirect CO 2 emissions per dollar of their corporate assets and make their value chains eco-friendly. The results also reveal that financial development brings in some environmental monitoring that cultivates a supportive culture for the corporations to promote corporate efforts to reduce CO 2 emissions. • The first study that uses an eco-innovation index, based on 5 dimensions, developed by the European Commission. • We find a negative impact of country-level eco-innovation on the reduction in direct and indirect corporate CO 2 emissions. • Eco-innovation initiatives taken by the European countries are helping European firms in reducing their CO 2 emissions. [ABSTRACT FROM AUTHOR]