Adoption of digital repositories for CO2 emissions reduction: the case of Korea

Abstract

ABSTRACTThis study aims to estimate the potential economic benefits, energy and CO2 emissions reductions when using trusted third-party digital repository (TTPR) services in one individual bank, and within the banking industry in Korea. First, the cost, benefit and net benefit of using TTPR services in the banking industry are estimated. Second, the net induced output effect is estimated. Third, based on an environmentally extended input–output analysis, CO2 emissions reduction was estimated as 1924.32 tons in 2009 and the energy consumption reduction as 640.70 TOE. Fourth, the total economic benefit, which is the sum of the net induced output effect and economic value of CO2 emissions reductions, is approximately $11.04 million. The findings demonstrate that energy consumption and CO2 emissions reductions are meaningful enough to result in significant economic benefits. Therefore, the Korean government should promote the use of TTPR services in the entire industry.