The Formula 1 sporting event is a global event and platform for showcasing new technologies associated with motorsport and the automobile industry. This sporting event is sponsored by many big multinational corporations because of which the monetary inflow of this event is massive. Formula 1 sporting events have a global reach and massive audience which results in employment of a large number of people from all around the world. This event helps in promoting new technology for the automotive industry which is further analyzed and developed for the use of common people. This sport is highly futuristic and advanced as compared to other sports like cricket, soccer, basketball and hockey. Like every coin has two sides, on one side, this sport contributes towards promoting new technologies and making the automobile industry modern whereas on the other side this sport produces a massive carbon footprint which is matter of concern for the planet and is highly controversial. Better sustainable carbon neutral strategies are needed in Formula 1 industries for minimizing this carbon footprint.