Cloudflare, Inc. (NYSE: NET) shares moved higher Monday, as the security, performance, and reliability company helping to build a better Internet, today shared a new independent report published by Analysys Mason that shows switching enterprise network services from on premises devices to Cloudflare’s cloud-based services can cut related carbon emissions up to 78% for very large businesses to up to 96% for small businesses.
The report is one of the first of its kind to calculate potential emissions savings achieved by replacing enterprise network and security hardware boxes with more efficient cloud services.
Global Internet usage accounts for 3.7% of global CO2 emissions, about equal to the CO2 emissions of all air traffic around the world. The Internet needs to reduce its overall energy consumption, especially as regulators continue to implement the Paris Climate Accord, including plans to transition to a zero emissions economy. The European Climate Law requires that Europe’s economy and society become climate-neutral by 2050, with a target of reducing net GHG emissions by at least 55% by 2030, compared to 1990 levels.
Regulators in the United States and the European Union, among others, have also announced plans to require companies to disclose climate-related information including carbon emissions resulting from their operations and supply chains, as well as climate related risks and opportunities. Finally, among the Fortune Global 500, 63% of companies now set 2050 targets for emissions reductions. Companies large and small will increasingly be looking to reduce carbon throughout their supply chains, particularly their IT infrastructure.
NET shares acquired 43 cents to $58.19.
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